The World Bank has approved $1.25 billion in loans, including a $500 million worth of budgetary support, in a latest development-financing package for Bangladesh.
Of the total, another $500 million will be given for agricultural development and $250 million for micro-finance development in the country, says an announcement from the WB headquarters.
The World Bank Board of Directors approved Friday the $1.25-billion financing for three projects to help Bangladesh achieve greener and more resilient development and greater inclusion, said the Bank in a release.
Three separate loan agreements will be signed in May during Bangladesh Prime Minister Sheikh Hasina's visit to the World Bank headquarters in Washington, DC.
The approved $500 million worth of budgetary support under the 1st Green and Climate Resilient Development Credit will help Bangladesh's transition to green and climate-resilient development, it is stated in the objectives of the funding.
Another $500-million loan will be utilised for Agricultural and Rural Transformation for Nutrition, Entrepreneurship, and Resilience (PARTNER) project.
This project is meant for helping promote diversification, food safety, entrepreneurship, and climate resilience in the agri-food systems.
On the other hand, Palli Karma-Sahayak Foundation (PKSF) will utilise the approved $250 million under the Sustainable Microenterprise and Resilient Transformation (SMART) project.
This project will help transform the micro-enterprise sector into "a more dynamic, less-polluting, resource-efficient, and climate-resilient growth sector".
Currently, the WB's total ongoing programme in Bangladesh has amounted to $16.3 billion.
Besides, the WB Group's another arm, MIGA, currently runs programme in Bangladesh worth over $1.0 billion and the IFC's recipe is worth about $1.0 billion.
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