Bangladesh to receive $900 mn World Bank financing for sustainable growth

Dhaka: The World Bank’s Board of Executive Directors has approved two projects totalling $900 million to help Bangladesh strengthen fiscal and financial sector policies and improve urban infrastructure and management to ensure sustainable and climate-resilient growth.

“Decisive reforms will help Bangladesh sustain growth and strengthen resilience to climate change and other shocks,” Abdoulaye Seck, World Bank country director for Bangladesh and Bhutan, was quoted as saying in a statement received on Saturday.

“These new financing operations will help Bangladesh in two critical areas — the financial sector and urban management — to achieve its vision of upper-middle-income status,” he added.

The Second Recovery and Resilience Development Policy Credit ($500 million) — the last in a series of two credits — supports fiscal and financial sector reforms to accelerate sustainable growth and build resilience to future shocks, including climate change, reported Xinhua news agency.

“A well-functioning financial sector is critical for Bangladesh to increase investment and improve access to finance for those left out of formal banking systems,” said Bernard Haven, World Bank Senior Economist and Task Team Leader for the program.

The Resilient Urban and Territorial Development Project ($400 million) will help improve climate-resilient and gender-responsive urban infrastructure and urban management capacities in seven city clusters along the economic corridor covering over 950 km of the highway from Cox Bazaar in the south to Panchagarh in the north of Bangladesh.

“This will be the first in a series of projects helping build resilience to climate change and create new opportunities and jobs in secondary cities through spatially targeted investments,” said Kwabena Amankwah-Ayeh, World Bank Senior Urban Development Specialist and Task Team Leader for the project. “Developing secondary cities as growth hubs will be critical for the country’s sustainable growth.” – IANS

Three lessons for Indian politics from British polls

NEW DELHI :For nearly a decade we’ve grown accustomed to viewing Britain in terms of its flailing economy, faltering politicians, crumbling infrastructure and steadily diminishing stature. We weren’t wrong. But...

Assassination attempt on Trump latest in stream of violence coursing through US body politic

New York: The assassination attempt on Donald Trump, the Republican contender for President, is the latest incident in the stream of violence that has coursed through US body politic. Gun...

Human-centric, responsible mobile AI is the future: Experts

Paris: Human-centric mobile artificial intelligence (AI) is the future and open collaboration among the industry and a distinct approach to hybrid AI is the only way to achieve the best...

India pledges continued assistance to UN agency aiding Palestinians

United Nations: India has pledged to continue supporting the embattled UN agency helping Palestinians which is facing a financial crisis even as its needs have risen because of the Israel-Hamas...

Keeping non-Muslim kids in madrasas is violation of Fundamental Rights: NCPCR chief

New Delhi: The Chairperson of the National Commission for Protection of Child Rights (NCPCR), Priyank Kanoongo, has expressed concern about children's rights, particularly of non-Muslim children in madrasas. In a...

Ola CEO calls for 70 hours work week, doctor warns of diseases, premature death risk

New Delhi: After Ola CEO Bhavish Aggarwal backed Infosys founder Narayana Murthy's 70-hour work-week advice, a top neurologist on Friday warned that it could increase the risk of several serious...

UN projects world’s population to peak within this century

United Nations: The United Nations has released a report projecting that the global population will peak this century. According to the World Population Prospects 2024: Summary of Results, it is...

US NSA advises prudence in India’s relations with Russia

Washington: US National Security Adviser, Jake Sullivan on Thursday said a "bet on Russia as a long-term, reliable partner is not a good idea" for India or any other country...

Banking sector witnessing a decade-high performance: RBI

New Delhi: As India aims to become the world's third largest economy soon, the banking sector is undergoing a decade-high performance in financial metrics, according to Swaminathan J, Deputy Governor...

NATO summit declaration sends ‘strong message’ to Russia, North Korea over deepening ties

Seoul: The declaration adopted by the leaders of the North Atlantic Treaty Organisation (NATO) at this week's summit sends a strong message to Russia and North Korea against their growing...

Divorced Muslim woman can seek maintenance from husband: SC

New Delhi: The Supreme Court on Wednesday ruled that a divorced Muslim woman is eligible to maintain a petition under Section 125 of the Code of Criminal Procedure (CrPC) seeking...

Centre calls news item on NCERT textbooks misleading, issues clarification

New Delhi: The government on Wednesday refuted a media report that aimed to create confusion around the NCERT textbooks, stressing that all Grade 6 textbooks will be made available by...

Read Previous

FMCG sales growth in rural areas to outstrip urban markets: Report

Read Next

India, Bangladesh agree to work on Teesta project

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By : XYZScripts.com