FE Report
The World Bank (WB) vice president for South Asia Philippe Le Houérou stressed Wednesday the improvement of efficiency of the port and transport sector in Bangladesh to spur economic growth and help the country achieve the middle-income status by 2021.
In a press statement issued by the WB Mr Le Houérou made the comment after concluding his first visit to Bangladesh since his appointment in July 2013.
The WB vice president visited the Chittagong seaport and the Chittagong Export Processing Zone during his stay in the country.
The vice president noted how the private sector was driving growth and creating thousands of jobs, the WB statement said.
Mr Le Houérou, however, emphasised strong WB support for the people of Bangladesh and said he was optimistic about the country's prospects for ending poverty and achieving shared prosperity.
He noted: "Against the odds, Bangladesh has achieved sustainable growth that pulled 16 million people out of poverty in the last decade."
He also noted: "The World Bank remains committed to working with this dynamic and resilient country to reduce poverty and bring prosperity to all Bangladeshis, especially the poor." He said the World Bank board had already approved a fresh fund of $ 1.75 billion in the current fiscal year.
"We are stepping up our engagement and are on track to sign $2.7 billion of new financing agreements by June 30, 2014," the WB vice president said.
While meeting Prime Minister Sheikh Hasina to discuss the country's main development priorities, Mr Le Houérou commended the impressive progress Bangladesh made in poverty reduction, human development and economic growth.
He said Bangladesh had an excellent record of investing for health, education and social safety nets for the poor and he was optimistic that more progress could be made to end poverty and ensure shared prosperity.
"Today, more Bangladeshis are living longer, healthier lives, and more children are stepping into classrooms. But to achieve middle income status, the country needs to do more to narrow the power and transportation gaps, manage urbanisation, reduce climate change impacts and improve the business environment and public service delivery," he said.
He mentioned that the World Bank would work harder to address the infrastructure bottlenecks, especially in the power and transport sectors.
The vice president visited several World Bank-financed projects in Bangladesh's southern region.
He visited rural communities, living on the frontline of climate change in the coastal areas, who transformed their lives by seizing the better livelihood options and community infrastructure under the 'Notun Jibon' project.
This project has improved the lives of 3.5 million of the poorest people.
He also saw the World Bank-financed cyclone shelters that serve as schools during normal weather.
He visited rural communities accessing electricity in their homes and shops through solar systems.
Under the Rural Electricity and Renewable Energy Development-II project more than 2.8 million solar systems have been installed at homes and enterprises in remote villages.