World Bank to give loan for Dhaka’s beautification

Staff Reporter :
The World Bank (WB) has agreed to finance a project to make Dhaka livable and free the rivers surrounding the capital from environmental degradation and encroachment.
The name of the project is ‘Beautification of Bangladesh’.
Finance Minister AHM Mustafa Kamal said this after a meeting with the visiting Vice President for the World Bank South Asia Martin Reiser held in the secretariat on Sunday.
The meeting was held in a cordial atmosphere where both sides agreed to work together in future for the development of Bangladesh.
However, Bangladesh always look for WB finance for social and economic progress, but this meeting has not so far discussed any other issue except the beautification project and concessional financial assistance from the International Development Association (IDA), sources said.
“There were rivers around Dhaka during the Mughal period. The rivers around Dhaka will be restored to give the city its Mughal look. For this purpose, the World Bank will provide financial assistance to make Dhaka livable by freeing the river from encroachment,” the Finance Minister said.
He said that the newly appointed Country Director of the World Bank for Bangladesh and Bhutan Abdoulaye Seck was introduced in the meeting.
The World Bank has agreed to finance the project ‘Beautification of Bangladesh’ and the study report on the project has been completed, AHM Mustafa Kamal said.
He said that the project will be implemented in several phases and the issue has already been discussed at the highest level of the government.
Under the project, the rivers around the capital will be freed from encroachment, he added.
World Bank has disbursed $26.6 billion to Bangladesh since the country’s independence, said World Bank Vice-President for the South Asia Region Martin Raiser during a courtesy meeting with the Finance Minister.
The international financial institution gave $37 billion in grants, interest-free, and concessional credits to Bangladesh since independence.
Martin Raiser arrived in Dhaka on Saturday for a three-day visit.
“I am glad to be back in Bangladesh and to continue discussing with the government the important reforms that can

help the country stay on the resilient and inclusive growth path and create opportunities for the people,” said Raiser.
He is accompanied by Abdoulaye Seck, who will assume the position of the World Bank Country Director for Bangladesh and Bhutan on 1 January, 2023.
The World Bank is among the first development partners to support Bangladesh following its independence. Bangladesh currently has the largest ongoing International Development Association (IDA) program totaling over $15.7 billion in 55 active projects.