WB appreciates reforms, reaffirms dev funding

Newly appointed World Bank Vice President for South Asia Johannes Zutt extended Bank's strong support for Bangladesh's inclusive growth and appreciated Chief Adviser Professor Muhammad Yunus-led interim government's reform agenda in the economic sector, officials said.

A spokesperson for the CA Office said Tuesday that Zutt, accompanied by World Bank's new Division Director for Bangladesh and Bhutan, Jean Pesme, called on the Chief Adviser at the State Guesthouse Jamuna in Dhaka late Monday.

During their discussion, Zutt shared his deep affection for Bangladesh, recalling his previous tenure as the World Bank's country director for Bangladesh, Bhutan and Nepal from 2013 to 2015.

"Kudos to you and your fantastic team for doing a good job," he said in acknowledging the post-uprising government's efforts under Professor Yunus's leadership, particularly in addressing "some very challenging issues in the financial sector".

He added, "We are very much prepared to continue our journey and share the ambition of the people of Bangladesh."

He paid tribute to the students who lost their lives in the July Uprising last year, calling it "a very moving moment for everyone who is connected with Bangladesh."

The head of interim government of Bangladesh thanked him for his support and appreciation-explaining how a new journey started in the country after the changeover and what prospects are unfolding.

"When we assumed office, it was like a catastrophic zone, like a place after an earthquake. We didn't have any experience. Yet, all the development partners supported us. And it helped us a lot; it made us confident," he told the WB delegation.

Professor Yunus highlighted the role of the youth in the July Uprising and said, "They showed this nation a dream of building a new Bangladesh."

He termed historic what young people did last July, especially girls and women played a significant role. "We are observing July Women's Day today. Their sacrifices must not go in vain. Young people are the focal point of our country. We need to concentrate on young people and match their ambition."

Professor Yunus urged the World Bank not to view Bangladesh merely as a "geographical boundary", insisting that the Bangladeshi economy is much bigger than that.

"If Bangladesh prospers, the whole South Asian region will prosper. If we separate ourselves, we are not progressing. We need to develop our international trade facilities and transport. We have an ocean. It is an important part of our economy."

The Nobel-laureate economist notes that most countries are short on young people and "so we told them to bring their factories here. We will provide the essentials for industries to make a production hub."

The World Bank Vice President commended Professor Yunus's work in empowering women, offered support on this score. "We will continue supporting you. With the World Bank support, Bangladesh had a pioneering girl's education stipend program that had been replicated in other countries," Zutt mentioned, adding: "The World Bank will help Bangladesh create opportunities for the youth."

He notes that the global lender financed over $3.0 billion in Bangladesh last financial year and pledged to continue similar support in the next three years.

Lutfey Siddiqi, special envoy for international affairs to the Chief Adviser, was also present at the meeting and provided an update on the New Mooring Container Terminal (NCT) of Chattogram seaport.

He noted that container handling at the New Mooring Container Terminal (NCT) of Chattogram Port increased with the new operational management.

"Our plan is to make it more effective. We also saw a significant surge in net foreign direct investment (FDI) in the January-March quarter of 2025, driven by a sharp rise in intra-company loans and strong equity investments," Siddiqi said.

mirmostafiz@yahoo.com