World Bank to give $3.5bn in loans for Bangladesh reforms

“It is a big opportunity to rebuild the country,” Chief Advisor Yunus says

The World Bank has announced a $3.5 billion in loan assistance to Bangladesh as part of the interim government’s efforts to initiate reforms.

On Wednesday, WB President Ajay Banga met Chief Advisor Muhammed Yunus on the sidelines of the United Nations General Assembly and announced the loan, the chief advisor’s press wing said.

Ajay, a long-time friend of Yunus, said at least $2 billion would be part of a new loan while $1.5 billion would be reused from the existing programme.

The World Bank will provide the loan for the reforms in digitalisation, to manage the liquidity crisis, energy and power, and transport sectors.

During the meeting, Yunus sought assistance from the World Bank for the massive reform initiatives taken by the interim government.

He also called for creativity in the WB loan programme.

“It is a major opportunity to rebuild the country,” Yunus said.

The World Bank president also discussed cooperation in the South Asia energy sector and how Nepal and Bhutan could share the hydro-electricity produced there with neighbouring countries including India and Bangladesh.