The Financial Express

World Bank, ERD sign $300m loan deal

| Updated: November 07, 2021 16:58:30

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The World Bank (WB) would provide US$ 300 million in loans for upskilling technical knowledge of some 0.1 million youths and women in Bangladesh.

With the financial support, four government agencies would work for enhancing technical skills of the Bangladeshi youths under a project - Accelerating and Strengthening Skills for Economic Transformation (ASSET).

The Washington-based lender signed a loan deal in this regard with the Economic Relations Division (ERD) on Monday.

WB Country Director in Bangladesh Mercy Tembon and ERD Secretary Fatima Yasmin signed the agreement.

The loan would be repaid in 30 years at an interest rate of 1.25 per cent and a service charge of 0.75 per cent. A five-year grace period would be calculated for the WB credit.

An ERD official said the Directorate of Technical Education would be the key implementing agency, while the Ministry of Expatriates' Welfare and Overseas Employment, the Ministry of Industries, and the Medical Education and Family Welfare Division would be the partner agencies in executing the ASSET project.

He also said main object of the project is to create future employment opportunities for the Bangladeshi youths and workers, including women and disadvantaged people.

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