• Thursday, October 02, 2014

WB likely to okay $2.075b for nine dev projects

Unb, Dhaka

The World Bank is expected to come up with a robust portfolio in the current fiscal year (2014-15) like the previous year as the Washington-based lending agency is likely to approve around $2.075 billion against nine development projects of Bangladesh.

The multilateral lending agency is likely to approve the $2075 million funding at its board meeting in Washington between November 2014 and March 2015, said an Economic Relations Division official.

ERD sources said discussions were held between the government and the WB Dhaka office recently over financing of a number of projects that included nine projects for which the bank was expected to come up with credit assistance.

Of the amount, the WB is likely to approve credit assistance worth $1450 million against five projects during the 2nd quarter (Oct-Dec) while $625 million against four projects during the 3rd quarter (Jan-Mar) of the ongoing fiscal year.

The proposed nine projects which are likely to get the WB fund are Primary Education Development Program III ($400m), Conditional Cash Transfer Project ($300m), Multipurpose Disaster Shelter Phase II ($370m), Financial Sector Support Project ($300m), Pro-poor slums Integration Project ($80m), Bangladesh Urban Resilience Project ($125m), NATP II: Agricultural Innovation and Commercialisation ($150m), Health Sector Development Programme ($150m) and Nuton Jibon Livelihood Improvement Project ($200m).

According to officials at the Dhaka office, the WB assistance to Bangladesh went up last fiscal year from the previous year.

In FY14, the WB has approved a total of $1.8 billion financing for Bangladesh. The eight new projects approved in FY 14 were: (i) Additional Financing for Secondary Education, $265m; (ii) Additional Financing for Higher Education Quality Enhancement, $125m (iii) Additional Financing for Emergency Cyclone Recovery and Restoration, $140m; and (iv) Additional Financing for Renewable Energy and Rural Electrification Development Project II, $78.4m, (v) Modern Food Storage, $210m, (vi) Municipal Governance and Services, $410m (vii) Rural Electricity Transmission and Distribution, $600m; and (viii) VAT Improvement Programme, $60m.

The WB's total disbursement for FY14 was, however, US $944 million which was higher than the FY13 disbursement of $765 million.

Meanwhile, the country has received the highest disbursement of foreign aid in its history in the last fiscal year (FY 14) totaling $3 billion, according to the ERD.

Published: 12:00 am Sunday, August 17, 2014

TAGS: robust portfolio Washington-based lending agency development projects of Bangladesh multilateral lending agency

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