WB approves over $1b for 3 projects in BD

The World Bank (WB) has approved some $ 1.1 billion for 3 projects in Bangladesh that would benefit almost 36 million people. The three projects are aimed at improving the quality of primary education, building coastal communities’ resilience to natural disaster, and increasing the nutrition and cognitive development of children from the poorest households. The funds approved by the WB’s Board of Executive Directors in Washington on Tuesday are $ 400 million in additional financing for the ‘Third Primary Education Development Programme’; $375m for the ‘Multipurpose Disaster Shelter Project’; and $300m for the ‘Income Support Programme for the Poorest Project’. The credits are from the International Development Association (IDA), the WB’s concessional lending arm, having 38 years to maturity with a 6-year grace period and carry a service charge of 0.75 per cent, according to a WB release.