Govt inks $535m deal with WB
Monday, 10 February 2014
International Development Association (IDA), the World Bank’s concessionary arm, will provide US$ 535 million for strengthening delivery of urban services and quality of higher education in the country. Mohammad Mejbahuddin, Secretary of Economic Relations Division (ERD) and Johannes Zutt, World Bank (WB) Country Director for Bangladesh and Nepal, signed the two financing agreements on behalf of the government of Bangladesh and the World Bank respectively at the External Relations Division on Monday, said a press release. Of the total amount, $410 million will be given for the municipal governance and services project and $125 million in additional financing for the ongoing higher education quality enhancement project. The credit from the International Development Association (IDA) has 40 years to maturity, including a 10-year grace period; and carries a service charge of 0.75 per cent, according to a news agency.