WB to provide $3.5bn to support Bangladesh's reforms

World Bank (WB) Group president Ajay Banga on Thursday said the global lender would provide $3.5 billion to support reform initiatives of Bangladesh’s interim government.

The WB president announced the assistance at a meeting with Bangladesh chief adviser professor Muhammad Yunus on the sidelines of the United Nations General Assembly (UNGA) at the UN Headquarters in New York on Wednesday (local time).

Banga, a long-time friend of professor Yunus, said at least two billion US Dollar would be provided as fresh lending while another $1.5 billion would be repurposed from the existing programmes.

He said the WB would support reforms in digitisation, liquidity, energy, power and transport sectors in Bangladesh.

During the meeting, professor Yunus sought the World Bank’s support for the wide-range reforms the Interim government had taken.

He asked the WB to be creative about its lending programme.

"It is a big opportunity to rebuild the country," he said.

The WB president discussed the energy sector cooperation in South Asia and how hydro energy produced in Nepal and Bhutan could be shared by neighbours such as India and Bangladesh.