Bangladesh and World Bank Join Forces for Major Development Projects

Bangladesh and the World Bank have signed $850 million in financing agreements to enhance trade capacity, create jobs, and modernize social protection. A significant portion will fund the Bay Terminal Marine Infrastructure Development in Chittagong, while $200 million will strengthen social protection for vulnerable populations, focusing on youth and women.

In a move to bolster its trade capacity and foster economic growth, Bangladesh entered into two landmark financing agreements with the World Bank, totaling $850 million. The agreements aim at creating jobs, modernizing the social protection system, and enhancing the nation's export competitiveness.

The lion's share, $650 million, is allocated to the Bay Terminal Marine Infrastructure Development Project in Chittagong. This initiative will see the construction of a 6-km climate-resilient breakwater, projected to handle 36% of the nation's container traffic. It promises to reduce transportation costs and boost trade efficiency, potentially saving Bangladesh's economy $1 million daily.

An additional $200 million is dedicated to the Strengthening Social Protection for Improved Resilience, Inclusion, and Targeting project. This project targets vulnerable groups, providing cash and services to 4.5 million people, including women and youth, while emphasizing climate resilience and promoting female entrepreneurship.

(With inputs from agencies.)