May 1, 2023
2 mins read

World Bank greenlights $1.25b financing for Bangladesh

Another $500 million will come as First Green and Climate Resilient Development Credit which will help the country’s transition to green and climate-resilient development…reports Asian Lite News

The World Bank has discussed a new Country Partnership Framework (CPF) for Bangladesh, spanning from 2023 to 2027, and approved $1.25 billion financing in three new projects, the lender said.

Of the projects, the bank said on Friday that it will provide $500 million for a project termed Program on Agricultural and Rural Transformation for Nutrition, Entrepreneurship, and Resilience (PARTNER).

Another $500 million will come as First Green and Climate Resilient Development Credit which will help the country’s transition to green and climate-resilient development, the lender said in a statement.

It approved $250 million for a project on microenterprise to help transform the micro-enterprise sector into a more dynamic, less-polluting, resource-efficient, and climate-resilient growth sector, Xinhua news agency reported.

“This Country Partnership Framework builds on five decades of strong partnership between the World Bank Group and Bangladesh,” said Abdoulaye Seck, World Bank country director for Bangladesh and Bhutan.

“As Bangladesh aims to be more prosperous, it will need stronger institutions and policies to serve the needs of an upper-middle-income country. This CPF will support the government’s reform programmes to deliver jobs and support inclusion and resilience,” Seck added.

“Bangladesh has been one of the world’s outstanding development growth stories. Additional reforms to spur the development of a more diversified and competitive private sector will grow exports and create quality jobs,” said Martin Holtmann, country manager of International Finance Corporation for Bangladesh, Nepal and Bhutan.

Earlier, Bangladesh and India have agreed to settle a part of the bilateral trade transactions in their own currencies — Rupee and Taka — to ease pressure on dollar holdings, Bangladesh-based news website The Business Standard (TBS News) reported.

In order to facilitate cross-country transactions, Sonali Bank and Eastern Bank will open accounts in the State Bank of India and ICICI Bank. The two Indian banks will also open similar accounts in the two Bangladeshi banks, as per the news report. The opening of these accounts known as vostro and nostro accounts in global accounting will need the approval of respective central banks, The Business Standard (TBS News) reported citing officials of the Bangladesh Bank and relevant commercial banks.

ALSO READ: India blocks 14 apps in J&K for spreading terror

Previous Story

Rising China threat prompts Japan to overhaul Ocean Policy

Next Story

Sunak to recite Bible verse at coronation

Latest from -Top News

Violence against children hit unprecedented levels

In Somalia, it reported 2,568 violations against 1,992 children.In Nigeria, 2,436 grave violations were reported against 1,037 children The UN kept Israeli forces on its blacklist of countries that violate children’s rights

Japan Cancels U.S. Talks

The cancellation also coincides with Japan’s upcoming upper house elections on July 20, which are expected to test Ishiba’s fragile minority coalition Japan has cancelled a planned high-level security meeting with the

Modi calls Yoga a journey from ‘me’ to ‘we’

PM Modi showered praise on the Andhra Pradesh government for hosting this year’s national celebrations, commending Chief Minister N. Chandrababu Naidu and Deputy Chief Minister Pawan Kalyan for their leadership. Prime Minister

UK unites for Yoga Day

Celebrations held across iconic landmarks and campuses under theme ‘One Earth, One Health’ The Indian diaspora and local communities across the United Kingdom gathered in large numbers on Friday to mark the

Kenya’s Odinga Slams Adani Deal U-Turn

Before the cancellation of the deal, Odinga was among the leaders who defended the Adani Group….reports Asian Lite News Kenya’s former Prime Minister Raila Odinga on Friday expressed disappointment over the cancellation
Go toTop