World Bank to provide ‘strong support’ for Bangladesh’s middle-income country status

The World Bank says it will continue to support Bangladesh to help it to achieve the middle-income country status.

Its Vice President for the South Asia Region, Annette Dixon, said the global lender pledged strong support for the country’s development.

She concluded her second visit to Dhaka in her current role.

In a statement on Monday, she said, “Bangladesh will need sustained reform efforts for further advancement.”

The global lender classified Bangladesh as a lower-middle country earlier this year.

Dixon lauded the country’s progress in poverty reduction and economic development.

Her visit coincided with the bank’s preparation of its Country Partnership Framework – aligned with Bangladesh’s seventh five-year plan – to guide its engagement in Bangladesh.

She met Finance Minister AMA Muhith, Bangladesh Bank Governor Atiur Rahman and other senior government officials, and discussed the framework for 2016-20 period.

Bangladesh’s largest development partner, the World Bank currently supports 36 projects with a total commitment of around $8.3 billion, according to the statement.

Dhaka withdrew a $1.2 billion funding request in its largest infrastructure project from the lender in 2013 after the Washington-based lender froze the fund citing ‘suspected corruption’. Bangladesh is constructing the project with domestic funding.

“The World Bank will help Bangladesh address its priorities, including creating more and better jobs, a key driver for growth and shared prosperity,” she was quoted as saying in the statement.

Dixon, appointed vice president in December 2014, said the global lender’s support would continue to improve Bangladesh’s power and transportation, manage urbanisation, improve health and education outcomes, and mitigate climate change impacts.