WB to give $ 1.07m in loan for dev work

The World Bank (WB) will provide Bangladesh with $1.07 billion in loans for improving primary education, coastal resilience system and nutrition situation for the poor.
The Executive Director of the World Bank board in Washington head office endorsed US$400 million in additional financing for the primary education development programme (PEDP)-3; $375 million for the multipurpose disaster shelter project; and $300 million for the income support programme for the poorest project.
"We are hopeful of signing the loan deals within a couple of months after completing all the official procedures. After signing the deals, the project executing agencies can utilise the money for the development work," Additional Secretary of the Economic Relations Division (ERD) Kazi Shofiqul Azam told the FE.
The credits from the International Development Association (IDA), the World Bank's concessional lending arm, have 38 years to maturity with a 6.0 years' grace period and carry a service charge of 0.75 per cent.
The World Bank from its headquarters in a statement Wednesday said the additional US$300 loan for the PEDP-3 would continue to improve the primary education sector by increasing net enrollment to 98 per cent and the primary education completion rate to 80 per cent.
The project would also continue efforts to ensure merit-based teacher recruitment, fill in vacant school positions, textbook delivery to 90 per cent of the schools within the first month of the school year.
 "These three projects, weave a strong story of complementarity in the World Bank's efforts to create opportunities for the poor-by using cash transfers for mothers to promote better nutrition at home, helping children take advantage of pre-primary education under the primary education programme and providing school infrastructure in vulnerable coastal zones," the statement said quoting Johannes Zutt, WB Country Director for Bangladesh.
Under the Multipurpose Disaster Shelter Project (MDSP), the government will construct 552 new multipurpose disaster shelters, improve 450 existing shelters, and build connecting roads and communication networks for easy accessibility in nine coastal districts.
 "The project will benefit 14 million people among the coastal population living in the front line of climate change," said Anna C. O'Donnell, WB Task Team Leader for MDSP. "The project will introduce steel shelter designs for the first time in Bangladesh for improved construction quality and durability."
The Bank statement said despite Bangladesh's remarkable record in reducing poverty over the last three decades, the presence of high numbers of extremely poor people poses a daunting development challenge.  The Income Support Programme for the Poorest (ISPP) project will benefit 10 per cent of the extremely poor population, or 2.7 million people in 42 of the poorest upazilas in the country.
The project will provide income support to about 0.6 million poorest mothers in exchange for participating in activities aimed at improving their children's nutrition and cognitive development.
Monthly cash transfers will be electronically disbursed into these mothers' post office accounts using smart cash cards, the Bank said.
kabirhumayan10@gmail.com