In a significant stride towards sustainable development, the World Bank (WB) has pledged $1.1 billion to support five crucial projects in Bangladesh. The financing agreements were formalized in a ceremony at the Economic Relations Division (ERD) office, underscoring the collaborative efforts between Bangladesh and the World Bank.
The agreements, signed by Sharifa Khan, Senior Secretary at the ERD, and Abdoulaye Seck, Country Director of the WB for Bangladesh and Bhutan, signify a robust partnership aimed at realizing Bangladesh’s vision of achieving upper-middle-income status by 2031 and higher income status by 2041.
According to outgoing ERD Senior Secretary Khan, “These projects are aligned with the Eighth Five-Year Plan 2021-2025 and support the country’s graduation from LDC status in 2026 and Vision 2041.”
The WB’s commitment includes funding for the following projects:
- Bangladesh Enhancing Investments and Benefits for Early Years Project ($210 million):
- Focuses on improving early childhood development through cash transfers and counseling services for 1.7 million vulnerable pregnant women and mothers of children under 4 years.
- Learning Acceleration in Secondary Education Operation Project ($300 million):
- Aims to enhance secondary education by improving learning outcomes and teaching quality, with a special emphasis on recovering from learning losses during the Covid-19 pandemic.
- Jamuna River Sustainable Management Project 1 ($102 million):
- Targets the improvement of riverbank protection and navigability in the Jamuna River, safeguarding approximately 2,500 hectares of land from erosion and flooding.
- Urban Health, Nutrition and Population Project ($200 million):
- Intends to improve primary healthcare services in Dhaka North and South City Corporations, Chattogram City Corporation, and Savar and Tarabo municipalities, with a focus on mosquito control, medical waste management, and behavioral change communication.
- Gas Sector Efficiency Improvement and Carbon Abatement Project ($300 million):
- Aims to enhance the efficiency of gas distribution and end-use through prepaid metering systems, reducing methane emissions and ultimately lowering gas bills for households and industrial users.
Abdoulaye Seck, WB Country Director, emphasized the importance of these projects in preparing the younger generation for a brighter future while enhancing resilience to climate change.
The funding for these projects will be provided through the World Bank’s International Development Association (IDA), with Bangladesh currently hosting the largest ongoing IDA program, totaling $16.46 billion across 57 projects.
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