World Bank (WB) has approved $1.77 billion loans to finance Bangladesh's 11 projects for this fiscal year.
Martin Rama, WB's chief economist for South Asia region, made this disclosure when he met Planning Minister AHM Mustafa Kamal at his office on Tuesday. Of the loans, $60 million will be provided to River Bank Improvement Project and $25 million and $17.7 million for Ghorasal Power Plant and National Agricultural Technical Programme. After the meeting the Planning Minister told reporters that WB partnership with Bangladesh would grow stronger in the days to come.
"Over the last five years, World Bank's commitment to Bangladesh reached $9 billion," he said. Martin Rama said WB will work together with Bangladesh government for the development in infrastructure, power, gas, education, ICT and other sectors. "Bangladesh has success stories in many ways and we hope to engage more in infrastructure sector as this is constraint on growth and development of the country," he added. The World Bank official also said work is underway to frame a new country partnership framework between the World Bank and Bangladesh.
On the Padma Bridge project, he said the government is going ahead with its own fund and it's a matter of pride for the nation.