WB to Provide $3.5bn for Bangladesh’s Reforms

Ajay Banga, the President of the World Bank, has announced that the bank will provide $3.5 billion to Bangladesh to support the Interim Government's reform initiatives, particularly in the financial sector.

This commitment was made during a meeting with Bangladesh's Chief Adviser, Professor Muhammad Yunus, on the sidelines of the UN General Assembly at the UN Headquarters on Wednesday afternoon (New York time).

Banga, a long-time friend of Professor Yunus, specified that at least $2 billion would come from new lending, while an additional $1.5 billion would be repurposed from existing programmes.

According to Shafiqul Alam, the Chief Adviser's Press Secretary, the World Bank will assist in reforms related to digitisation, liquidity, energy and power, and transport.

During the meeting, Professor Yunus emphasised the need for World Bank support for the extensive reforms undertaken by the Interim Government. He urged the bank to adopt a creative approach to its lending programmes.

"This is a significant opportunity to rebuild the country," said Professor Yunus.

The World Bank President also discussed energy sector cooperation in South Asia, highlighting how hydroenergy produced in Nepal and Bhutan could be shared with neighbouring countries like India and Bangladesh.

Energy and Power Adviser Fouzul Kabir Khan was also in attendance at the meeting.