The World Bank’s portfolio in Bangladesh has nearly doubled in the last six years to $11.6 billion, with the country being one of the largest beneficiaries of concessional credit.
The Washington-based multilateral lender was among the first development partners to support Bangladesh following its independence. Since then, the World Bank has committed over $30 billion, mostly in grants, interest-free and concessional credits to Bangladesh.
“The World Bank is committed to join Bangladesh on its journey to upper middle-income status, in close cooperation with the government, stakeholders and development partners, and for the benefit of all people,” said Hartwig Schafer, the WB’s vice President for South Asia.
Speaking at the Bangladesh Development Forum yesterday, the opening day of the two-day event, Schafer said the country has proven that if the government and people are committed, a country can emerge as a low middle-income country in just four decades.
During the forum, Schafer exchanged words with the finance minister and other senior government officials, civil society representative and development partners, the WB said in a statement yesterday.
He also praised the country’s development innovations, including its success in women empowerment, which has been instrumental in boosting the country’s economic growth and development.
Earlier in his three-day visit, Schafer met with Prime Minister Sheikh Hasina and commended Bangladesh’s remarkable progress in economic development and poverty reduction.
They discussed the country’s development priorities and how the WB could support them to sustain the impressive results achieved in the past few decades.