Two projects to get WB extra funding

The government inked yesterday two credit agreements worth $292 million with International Development Association, the World Bank's concessional arm, said a press statement.
M Musharraf Hossain Bhuiyan, economic relations division secretary, and Ellen Goldstein, World Bank's country director, signed the deals at ERD in Dhaka.
The deals came into effect after the board of executive directors of World Bank on May 4 approved additional financing of $257 million to provide long term finance for infrastructure through the Investment Promotion and Financing Facility, and $35 million to the Reaching Out-of-School Children Project.
The additional financing for the Investment Promotion and Financing Facility, which has been in operation since 2006, will expand the project's experience in supporting public-private partnerships in the power sector.
Within four years, the project will add 178 megawatts to the national grid and the Dhaka and Chittagong export processing zones through independent power producers.
The additional financing for Reaching Out-of-School Children Project will support the Ministry of Primary and Mass Education by improving access to quality primary education for unprivileged children.