Another $500 million will come as First Green and Climate Resilient Development Credit which will help the country’s transition to green and climate-resilient development…reports Asian Lite News
The World Bank has discussed a new Country Partnership Framework (CPF) for Bangladesh, spanning from 2023 to 2027, and approved $1.25 billion financing in three new projects, the lender said.
Of the projects, the bank said on Friday that it will provide $500 million for a project termed Program on Agricultural and Rural Transformation for Nutrition, Entrepreneurship, and Resilience (PARTNER).
Another $500 million will come as First Green and Climate Resilient Development Credit which will help the country’s transition to green and climate-resilient development, the lender said in a statement.
It approved $250 million for a project on microenterprise to help transform the micro-enterprise sector into a more dynamic, less-polluting, resource-efficient, and climate-resilient growth sector, Xinhua news agency reported.
“This Country Partnership Framework builds on five decades of strong partnership between the World Bank Group and Bangladesh,” said Abdoulaye Seck, World Bank country director for Bangladesh and Bhutan.
“As Bangladesh aims to be more prosperous, it will need stronger institutions and policies to serve the needs of an upper-middle-income country. This CPF will support the government’s reform programmes to deliver jobs and support inclusion and resilience,” Seck added.
“Bangladesh has been one of the world’s outstanding development growth stories. Additional reforms to spur the development of a more diversified and competitive private sector will grow exports and create quality jobs,” said Martin Holtmann, country manager of International Finance Corporation for Bangladesh, Nepal and Bhutan.
Earlier, Bangladesh and India have agreed to settle a part of the bilateral trade transactions in their own currencies — Rupee and Taka — to ease pressure on dollar holdings, Bangladesh-based news website The Business Standard (TBS News) reported.
In order to facilitate cross-country transactions, Sonali Bank and Eastern Bank will open accounts in the State Bank of India and ICICI Bank. The two Indian banks will also open similar accounts in the two Bangladeshi banks, as per the news report. The opening of these accounts known as vostro and nostro accounts in global accounting will need the approval of respective central banks, The Business Standard (TBS News) reported citing officials of the Bangladesh Bank and relevant commercial banks.
