The World Bank (WB) will provide an aggregate US$1.11 billion worth of credits for five projects to help Bangladesh improve human development and climate resilience.
The proposed credit support aims to help 900,000 rural youths in Bangladesh with better employability and entrepreneurial opportunities, said a WB press release.
To this effect, the government of Bangladesh and the World Bank signed five financing agreements on Thursday in the city.
Senior Secretary of Economic Relations Division Sharifa Khan and World Bank Country Director for Bangladesh and Bhutan Abdoulaye Seck signed the agreements on behalf of their respective sides, according to the press release.
Among the projects, a $210-million Bangladesh Enhancing Investments and Benefits for Early Years Project aims to help improve early childhood development by providing cash transfers and counseling services to about 1.7 million pregnant women and mothers of children under 4 years of age in vulnerable households.
Some US$300 million worth of financing will be available for Learning Acceleration in Secondary Education Operation Project, which aims to help strengthen secondary education by improving learning outcome and teaching quality.
To help recover from learning losses incurred during the COVID-19 pandemic and to improve preparedness to future shocks, the project will introduce complementary online learning blended with in-class education.
It would also help reduce dropout rates, the programme will provide stipends to 8 million vulnerable students and ensure 5,000 schools have active sexual harassment and prevention committees in place, said the press release.
Another $102-million Jamuna River Sustainable Management Project 1 aims to help improve riverbank protection and navigability in the Jamuna River, protecting about 2,500 hectares of land from riverbank erosion and flooding, saving thousands of people from displacement and safeguarding their livelihoods and assets.
On the other hand, a $200-million financing will be made available for helping improve primary healthcare services for treatment, prevention and referral for common illnesses including mosquito-borne diseases like dengue in Dhaka North and South City Corporations, Chattogram City Corporation, and Savar and Tarabo municipalities.
Finally, a $300-million Gas Sector Efficiency Improvement and Carbon Abatement Project aims to help improve the efficiency of gas distribution and end-use through pre-paid metering systems and reduce methane emissions along the natural gas value chain.
It is expected to install more than 1.2 million prepaid gas meters in Dhaka and Rajshahi Division, it said, adding that prepaid gas meters and advanced monitoring systems will help optimize natural gas end-use, mitigate greenhouse gas emissions and lower gas bills for households and industrial users.
"Bangladesh is an important partner for the World Bank toward its vision of a world free of poverty on a livable planet. Since the country's independence, the World Bank and Bangladesh have had an impactful partnership that lifted millions of Bangladeshi people out of poverty," the WB release said, quoting the WB Country Director
"These projects will help preparing our children for a brighter future while improving resiliency to climate change," Abdoulaye Seck was quoted as saying,
It also quoted the ERD senior secretary as saying: "Bangladesh and the World Bank have strong partnership focused on achieving the country's vision of upper middle-income status by 2031 and higher income status by 2041."
"These projects are aligned with the Eighth Five-Year Plan 2021-2025 and support the country's graduation from LDC status in 2026 and the vision 2041," Ms. Sharifa Khan said.
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