Staff Reporter :
The World Bank (WB) is likely provide nearly $2.0 billion funding support for Bangladesh in the current fiscal year (2014-15) to implement various proposed projects, officials said.
The Economic Relations Division (ERD) on behalf of the government of Bangladesh has already started negotiation with the WB officials to get the fund.
Eight of the projects seeking the WB support are Primary Education Development Programme III – AF ($ 400mn), Income Support for the Poorest Programme ($ 300mn), Multipurpose Disaster Shelters ($375mn), Bangladesh Urban Resilience Project ($165mn), NATP II ($ 160mn), Nuton Jibon Livelihood Improvement Project ($ 200mn), Pro-Poor Slums Integration Project ($ 80mn) and Financial Sector Support Project ($ 300mn), according to the ERD officials.
An official of the ERD said that the Washington based lending agency is likely to sign three deals with the government in January, 2015 for three of the projects-Primary Education Development Programme III, Income Support for the Poorest Programme and Multipurpose Disaster Shelters-with a total commitment of $1.075 billion.
He said, the WB is likely to approve fund for the three projects at its Board meeting on December 16.
The senior ERD official in charge of the World Bank wing also hoped that the aid disbursement by the World Bank to Bangladesh would cross a record $1.0 billion mark in fiscal 2015.
Besides, the government and the WB struck a deal on December 7 last under which the multilateral lender will provide $60 million to modernise Bangladesh’s Value Added Tax (VAT) application and to boost tax revenue.
According to the sources, the World Bank has 31 ongoing projects amounting $6.7 billion in Bangladesh.
In FY 13-14, the WB Board approved $1.75 billion new IDA financing. Since independence, IDA has committed more than $18.2 billion in interest-free credits (40 year maturity, 10 year grace period). In FY13, Bank disbursements represented 44 percent of total project aid to Bangladesh.
The ERD data showed that with the leading role of the WB, disbursement of foreign assistance during the July-October period of the current fiscal year showed a positive 17 percent growth to $678.67 million compared to the corresponding period of last FY14.
The development partners, including the World Bank, the Asian Development Bank and Japan, disbursed $678.67 million in loans and grants during July-October period of the
FY2014-15 compared to $576.80 million in the same period last fiscal.
The ERD statistics showed that of the $678.67 million aid, the government received $582.94 million in loans and $95.76 million in grants during July-October period of FY2015.
The World Bank in July-Oct period disbursed $156.32 million assistance, the Asian Development Bank $149.06 million, the United Nations’ IFAD $116.95 million and the Islamic Development Bank $40 million assistance in July-October period this fiscal.
According to officials at the World Bank Dhaka office, the World Bank assistance to Bangladesh has gone up in the last fiscal year from the previous year.
In FY14, the World Bank has approved a total of $1.8 billion financing for Bangladesh.
The World Bank (WB) is likely provide nearly $2.0 billion funding support for Bangladesh in the current fiscal year (2014-15) to implement various proposed projects, officials said.
The Economic Relations Division (ERD) on behalf of the government of Bangladesh has already started negotiation with the WB officials to get the fund.
Eight of the projects seeking the WB support are Primary Education Development Programme III – AF ($ 400mn), Income Support for the Poorest Programme ($ 300mn), Multipurpose Disaster Shelters ($375mn), Bangladesh Urban Resilience Project ($165mn), NATP II ($ 160mn), Nuton Jibon Livelihood Improvement Project ($ 200mn), Pro-Poor Slums Integration Project ($ 80mn) and Financial Sector Support Project ($ 300mn), according to the ERD officials.
An official of the ERD said that the Washington based lending agency is likely to sign three deals with the government in January, 2015 for three of the projects-Primary Education Development Programme III, Income Support for the Poorest Programme and Multipurpose Disaster Shelters-with a total commitment of $1.075 billion.
He said, the WB is likely to approve fund for the three projects at its Board meeting on December 16.
The senior ERD official in charge of the World Bank wing also hoped that the aid disbursement by the World Bank to Bangladesh would cross a record $1.0 billion mark in fiscal 2015.
Besides, the government and the WB struck a deal on December 7 last under which the multilateral lender will provide $60 million to modernise Bangladesh’s Value Added Tax (VAT) application and to boost tax revenue.
According to the sources, the World Bank has 31 ongoing projects amounting $6.7 billion in Bangladesh.
In FY 13-14, the WB Board approved $1.75 billion new IDA financing. Since independence, IDA has committed more than $18.2 billion in interest-free credits (40 year maturity, 10 year grace period). In FY13, Bank disbursements represented 44 percent of total project aid to Bangladesh.
The ERD data showed that with the leading role of the WB, disbursement of foreign assistance during the July-October period of the current fiscal year showed a positive 17 percent growth to $678.67 million compared to the corresponding period of last FY14.
The development partners, including the World Bank, the Asian Development Bank and Japan, disbursed $678.67 million in loans and grants during July-October period of the
FY2014-15 compared to $576.80 million in the same period last fiscal.
The ERD statistics showed that of the $678.67 million aid, the government received $582.94 million in loans and $95.76 million in grants during July-October period of FY2015.
The World Bank in July-Oct period disbursed $156.32 million assistance, the Asian Development Bank $149.06 million, the United Nations’ IFAD $116.95 million and the Islamic Development Bank $40 million assistance in July-October period this fiscal.
According to officials at the World Bank Dhaka office, the World Bank assistance to Bangladesh has gone up in the last fiscal year from the previous year.
In FY14, the World Bank has approved a total of $1.8 billion financing for Bangladesh.
