WB commits additional $2b in support

Business Eye Report

The World Bank yesterday said it could mobilise an additional about $2 billion new financing in this fiscal year to support critical reforms, flood response, better air quality and health.
World Bank's Country Director Abdoulaye Seck, during a meeting with Chief Adviser Dr Muhammad Yunus at the State Guest House Jamuna in Dhaka, said they are committed to increasing lending to Bangladesh in this fiscal year to help the reform agenda of the Interim Government.
"We would like to support you as fast as possible and as much as possible," Seck said, adding that the bank would support the critical financial needs of the country.
He said that in addition to the new commitments, the multilateral lender would repurpose about an extra one billion dollars from its existing programmes in consultation with the government in response to the calls for support by the chief adviser to all development partners of Bangladesh.
Seck said the extra lending would raise the amount of soft loans and grants the World Bank would be giving to Bangladesh this fiscal year to about $3 billion once the funds from the existing projects are repurposed.
The World Bank country chief said the completion of the reforms would be "critically important" for Bangladesh and its young people, including the two million people who are joining the job market every year.
The chief adviser has told the World Bank country head that the bank must have flexibility to fund Bangladesh's reforms and help restart a new journey after 15 years of "extreme misgovernance."
"Out of these ashes, we have to build new structures. We need a big push, and we have to focus on the dreams of the students," he said.
"I will suggest, help us. Be a part of our team," said the chief adviser.