Additional WB $1b for Bangladesh childcare

World Bank President Jim Yong Kim today declared an additional USD 1 billion fund for Bangladesh to develop childcare in the country.

The financing will be disbursed in the next two years and will be to develop the situation of child health and nutrition, the visiting WB chief said in a briefing.

Kim made the announcement at a joint press conference after holding talks with Bangladesh Finance Minister AMA Muhith at his ministry office in Dhaka.

'PADMA BRIDGE TROUBLES OVER'

Finance Minister Muhith stressed that the troubles with World Bank regarding Padma Bridge a few years ago is over. "Now we have good relations… we expect more assistance from WB," he said.

In response to similar query, WB president said that the global lender will instead spend the USD 1.2 billion (bridge funding) for climate related financing in Bangladesh.

In the next three-year cycle the amount of loans will be increased globally to 15 percent and as Bangladesh is one of the largest recipients, it will also get the increase, Kim said.

Kim arrived in Dhaka yesterday on a two-day visit to see firsthand the progress Bangladesh has made in transitioning successfully to a lower-middle income country.

He will participate in an event to mark the day today, which is officially known as International Day for the Eradication of Poverty.