Bangladesh Secures USD250M World Bank Funding

(MENAFN) The World Bank’s board of executive directors has greenlit $250 million in funding aimed at elevating public sector efficiency across Bangladesh by enhancing transparency, accountability, and operational effectiveness within pivotal government institutions.

The initiative, titled the Strengthening Institutions for Transparency and Accountability (SITA) Project, is designed to back Bangladesh’s ongoing reforms focused on modernizing vital public sector functions. According to the Washington-based lender’s statement on Saturday, the project will drive improvements in data transparency, domestic revenue generation, management of public investments, procurement processes, and financial oversight.

SITA will fortify governance frameworks and build capacity across five critical government bodies: the Bangladesh Bureau of Statistics, the National Board of Revenue, the Planning Division, the Bangladesh Public Procurement Authority, and the Office of the Comptroller and Auditor General.

Gayle Martin, the World Bank’s interim country director for Bangladesh, emphasized the transformative potential of the project: "The investment will leverage digitization of business processes to help improve transparency and reduce corruption, by supporting Bangladesh in modernizing public institutions capable of serving an emerging economy."

He added, "This project will help improve the quality and accessibility of public services and thus enhance public trust in government institutions."

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