World Bank to mobilize $2 Billion in new financing for Bangladesh
Abdoulaye Seck, the World Bank Country Director for Bangladesh, announced on Tuesday that the institution will mobilize approximately $2 billion in new financing during this fiscal year. This funding aims to support Bangladesh’s critical reforms, enhance flood response efforts, improve air quality, and strengthen health services.
Seck made the announcement following a meeting with Professor Muhammad Yunus, the Head of the Interim Government of Bangladesh. According to United News of Bangladesh (UNB), Seck emphasized the World Bank’s commitment to providing timely and substantial assistance. “We would like to support you as fast as possible and as much as possible,” Seck stated, highlighting the bank’s intention to address the country’s pressing financial needs.
The additional financing will increase the total amount of soft loans and grants from the World Bank to around $3 billion for this fiscal year, including repurposed funds from existing projects.
Bangladesh has sought significant assistance from various international lenders, including the International Monetary Fund (IMF) and the Asian Development Bank (ADB), to manage its current economic challenges. Under Yunus’s leadership, the country has requested a total of $5 billion from the World Bank, ADB, Japan International Cooperation Agency (JICA), and the Asian Infrastructure Investment Bank (AAIB) to alleviate economic stress and support development efforts.
