WB to ramp up dev funding by $2.0b

World Bank's funding to Bangladesh this fiscal year is going to be ramped up by over US$2 billion to assist the reform agenda of the post-uprising interim government.

The commitment of the lending package came from WB Country Director Abdoulaye Seck when he called on Chief Adviser Prof Muhammad Yunus at the state guesthouse Jamuna in Dhaka on Tuesday, said a spokesperson for the CA after comprehensive exchanges between the two.

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

"We would like to support you as fast as possible and as much as possible," said Seck, 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 one billion dollars from its existing programmes in consultation with the government in response to the calls for support by the head of interim government to all development partners of Bangladesh.

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 3.0 billion dollars once the funds from the existing projects are repurposed.

The World Bank country chief thinks 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 in funding Bangladesh's reforms and help 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 worth 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," said the Nobel-laureate economist, adding that Bangladesh would also need the bank's expertise to build "a zero-corruption Bangladesh".

The World Bank country chief agrees to help Bangladesh repatriate the siphoned-off money. "We are happy to help you."

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

Professor Yunus emphasized that Bangladesh couldn'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."

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

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," the Washington-headquartered global financier's executive said in praise of the artwork and writings on walls across the Bangladesh capital city, Dhaka, in inscribing the movement's spirit and aspirations.

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