The World Bank has announced on June 19 2020 that it had approved a 1.05 billion US Dollar for helping the economy of Bangladesh to bounce back by creating more oppertunity and better jobs. Bangladesh to date has received financial aid of more than 13 billion USD of loans from the International Development Association financial institution (IDA, a part of the World Bank Group). With this grant, the total loan provided by the International Development Association financial institution to Bangladesh since its independence in 1971 has crossed 31 billion USD. The financial aid for the 3 projects is provided by the International Development Association on behalf of the World Bank Group.
Private Investment & Digital Entrepreneurship (PRIDE) is the name of the first project. For this project, $ 500 million has been sanctioned Grace Period: 4 years and Maturity: 34 years. The project is estimated to create more than 1.5 lakh jobs and further expected to attract Foreign Direct Investments (FDI) worth $ 2 billion. At the Janata Software Park, Dhaka’s (Bangladesh) first digital entrepreneurship hub will be established under this project.
The second project is named Enhancing Digital Government and Economy (EDGE). This project will create 100,000 jobs and will also assist the MSME (Ministry of Micro, Small and Medium Enterprises) sector in preparing for the 4th industrial revolution. Further, an integrated cloud computing digital platform will be set up for all government agencies all over the nation. The financial grant provided by the World Bank for this project is $ 295 million.
$ 250 million was sanctioned for the Second Programmatic Jobs Development Policy Credit (Financial Grant of $ 250 million were provided by the World Bank Group in December 2019 for the First Programmatic Jobs Development Policy Credit). The World Bank Group will provide financial aid for a total of 3 planned Programmatic Jobs Development Policy Credit. This Third part project focuses on creating an institutional framework that will have stronger policies to create jobs for all the members of the population.
$1.05 Billion Approved by World Bank for 3 Projects in Bangladesh $1.05 Billion Approved by World Bank for 3 Projects in Bangladesh