World Bank okays $295m to boost Bangladesh’s digital economy

| Updated: February 03, 2022 10:36:32

World Bank okays $295m to boost Bangladesh’s digital economy

The International Development Association (IDA), a concern of the World Bank, will extend USD $295 million Scale Up Facility (SUF) loan to Bangladesh for enhancing digital government & economy (EDGE) projects.

The project will be implemented by Bangladesh Computer Council under ICT Division. The implementation period of this project has been fixed from January 01, 2022 to December 31, 2026.

The objectives of this project are to improve cyber security, build resiliency during future crises, and will enable the government to operate virtually to deliver critical public services to citizens and businesses.

The project will also work to reduce vulnerabilities from the pandemic and prepare for the fourth industrial revolution. The project will also help to digitize small and medium enterprises and strategic industries and to establish a Digital Leadership Academy to create opportunities for research and development

A deal in this regard was signed on Sunday. Fatima Yasmin, ERD secretary, and Mercy Miyang Tembon, country director, World Bank, signed the financing agreement on behalf of their respective sides.

The loan is to be repaid in 34 years with a grace period of 04 years. The frontend fee is 0.25 per cent, the commitment charge is 0.25 per cent and the interest charge is URIBOR+0.98 per cent. The EURIBOR is short for Euro Interbank Offered Rate, reports UNB.

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