World Bank commits $3.5b to support Bangladesh’s reforms

Staff Reporter :

World Bank Group President Ajay Banga announced today that the institution will provide $3.5 billion to support reform initiatives led by Bangladesh’s interim government. This commitment was made during a meeting with Chief Adviser Professor Muhammad Yunus at the United Nations General Assembly.

Banga revealed that the funding will consist of $2 billion in new lending, along with $1.5 billion repurposed from existing programs. The World Bank plans to focus on key sectors, including digitization, liquidity, energy, power, and transportation.

Professor Yunus emphasized the importance of the World Bank’s support in facilitating comprehensive reforms. “It is a big opportunity to rebuild the country,” he remarked, urging the bank to adopt innovative lending strategies.

Additionally, Banga discussed the potential for energy cooperation in South Asia, particularly how hydroelectric power from Nepal and Bhutan could benefit neighboring countries like India and Bangladesh.

The meeting was attended by Energy and Power Adviser Fouzul Kabir Khan, reflecting the collaborative spirit in advancing Bangladesh’s development goals.