WB approves $109m loan for Sidr-hit people
Sunday, 9 November 2008
The World Bank (WB) Thursday approved $109 million credit to Bangladesh in support of the government's efforts to repair infrastructure and restore the livelihoods for thousands of families affected by last year's cyclone Sidr, reports UNB.
The credit from the International Development Association (IDA), the World Bank's concessionary arm, has 40 years to maturity with a 10-year grace period, with a service charge of 0.75 per cent, said a press release Saturday.
The credit, provided through the Emergency 2007 Cyclone Recovery and Restoration Project, will finance reconstruction and improvement of some 300 multi-purpose shelters and rehabilitation of 100-km of coastal embankments using cyclone-resistant building techniques.
It will also support activities in the agriculture sector that will help farmers prepare for the next growing season and strengthen their ability to cope with future disasters.
The credit from the International Development Association (IDA), the World Bank's concessionary arm, has 40 years to maturity with a 10-year grace period, with a service charge of 0.75 per cent, said a press release Saturday.
The credit, provided through the Emergency 2007 Cyclone Recovery and Restoration Project, will finance reconstruction and improvement of some 300 multi-purpose shelters and rehabilitation of 100-km of coastal embankments using cyclone-resistant building techniques.
It will also support activities in the agriculture sector that will help farmers prepare for the next growing season and strengthen their ability to cope with future disasters.