WB to provide $3.5 billion to support Bangladesh’s reform

World Bank (WB) Group President Ajay Banga today said the global lender would provide US$ 3.5 billion to support reform initiatives of Bangladesh’s interim government.

The WB president announced the assistance at a meeting with Bangladesh Chief Adviser Professor Muhammad Yunus on the sidelines of the United Nations General Assembly (UNGA) at the UN Headquarters here on Wednesday (local time).

Banga, a long-time friend of Prof Yunus, said at least US$ two billion would be provided as fresh lending while another US$ 1.5 billion would be repurposed from the existing programmes.

He said the WB would support reforms in digitisation, liquidity, energy, power and transport sectors in Bangladesh.

During the meeting, Prof Yunus sought the World Bank’s support for the wide-range reforms the Interim government had taken.

He asked the WB to be creative about its lending programme.

“It is a big opportunity to rebuild the country,” he said.

The WB president discussed the energy sector cooperation in South Asia and how hydro energy produced in Nepal and Bhutan could be shared by neighbours such as India and Bangladesh.

Energy and Power Adviser Fouzul Kabir Khan was present at the meeting.