WB Commits Over $2 Billion Support to Bangladesh

The World Bank is committed to increasing lending to Bangladesh in this fiscal year to help the reform agenda of the Interim Government, its Country Director Abdoulaye Seck said on Tuesday.

Seck informed that the World Bank can mobilize about $2 billion in new financing in this fiscal year to support critical reforms, flood response, better air quality, and health.

Seck spoke about the new assistance when he met Chief Adviser Professor Muhammad Yunus at the State Guest House Jamuna in Dhaka.

"We would like to support you as fast as possible and as much as possible," Seck said, adding that the bank would support the critical financial needs of the country.

He said that in addition to the new commitments, the multilateral lender would repurpose about an extra $1 billion from its existing programs in consultation with the government in response to the calls for support by the Chief Adviser to all development partners of Bangladesh.

Seck said the extra lending would raise the amount of soft loans and grants the World Bank would be giving to Bangladesh this fiscal year to about $3 billion once the funds from the existing projects are repurposed.

The World Bank country chief said the completion of the reforms would be "critically important" for Bangladesh and its young people, including the two million people who are joining the job market every year.

The Chief Adviser has told the World Bank country head that the bank must have flexibility to fund Bangladesh's reforms and help restart a new journey after 15 years of "extreme misgovernance."

"Out of these ashes, we have to build new structures. We need a big push, and we have to focus on the dreams of the students," he said.

"I will suggest, help us. Be a part of our team," said the Chief Adviser.

Professor Yunus asked the World Bank to lend its technical support to recover billions of dollars of stolen assets siphoned off from Bangladesh by corrupt individuals during Sheikh Hasina's 15-year-long dictatorship.

"You have the tech to bring back stolen assets," Professor Yunus said, adding Bangladesh would also need the bank's expertise to build "a zero-corruption Bangladesh".

The World Bank country chief has agreed to help Bangladesh bring back the stolen money. "We are happy to help you," Seck said.

He said the bank would also like to help Bangladesh with data transparency, data integrity, digitalization of tax collection, and financial sector reforms.

Professor Yunus said Bangladesh can't afford to lose this once-in-a-lifetime opportunity to fix its institutions and undertake major reforms.

"Once we lose it, it will never come back," he said.

Seck offered condolences for the martyrs of the July-August student-led uprising.

He said he was impressed by the graffiti and murals painted by young people on Dhaka's walls. "In 30 years of my career, I've never seen it anywhere," he said.

"We need to empower them," Seck said.

Read More

BNP Rally Starts With Cultural Program