$265 million deal signed with WB

The government has signed a $265 million ‘additional’ financing agreement with the World Bank for an ongoing secondary education project.

Senior Correspondentbdnews24.com
Published : 26 Feb 2014, 01:25 PM
Updated : 26 Feb 2014, 02:21 PM

The global lender said financing the “Secondary Education Quality and Access Enhancement Project” would help 4.5 million poor rural children in 215 Upazilas across Bangladesh so that they can continue secondary level education each year.

Economic Relations Division Secretary Mohammad Mejbahuddin and World Bank Country Director Johannes Zutt signed the agreement at the ERD on Wednesday.

The credit from the global lender’s concessionary arm International Development Association (IDA) carries 0.75 percent service charge. It has 40 years to mature, including a 10-year grace period.
The project began in 2008 and provided stipends and tuition to 1.8 million "disadvantaged" children.
The bank in a media release said due to the project poor children’s enrolment in secondary education in the targeted Upazilas rose to 38 percent in 2012 from 30 percent in 2008.
Secretary Mejbahuddin during the signing said the project reflects “the country’s commitment to enhance opportunities for disadvantaged children, bringing them into the productive force so they can play an active role in the country’s economic future”.
Zutt, the Country Director, said the additional financing would continue “to ensure that rural poor children are not left out of the secondary school system, and it will enhance performance of the teachers and students”.
He said despite laudable success in achieving gender parity in school enrolment, the high dropout rate and quality of education remains a concern.
World Bank is the largest external funder in the education sector in Bangladesh. Currently its commitment stands at $1.1 billion in primary, secondary, tertiary, and vocational education as well as in supporting out-of school-children.