6 years ago

Bangladesh to get $457m loan from WB

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Bangladesh is set to receive a total of US$457 loan from the World Bank (WB) for implementing two projects regarding trade and business.

To this end, two separate agreements will be signed with WB on Sunday, says a BSS report citing an official release.  

Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam and WB Country Director Qimiao Fan will sign the agreements on behalf of their respective sides at the ERD building in the city.

WB will give $100 million for the "Export Competitiveness for Jobs Project" and $357 million for "Investment Promotion and Financing Facility II (IPFF-II) Project".   

The WB's Board of Executive Directors approved the Export Competitiveness for Jobs Project in June this year to help the country diversify export and create better jobs in targeted sectors.

IPFF -II is aiming to increase long-term financing for infrastructure and to build capacity of the local financial institutions for promoting private sector-led infrastructure financing.

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