WB to lend $50m for Sidr-hit people
The World Bank (WB) yesterday signed a credit agreement worth $50 million with the government to help restore assets and livelihoods for families affected by Cyclone Sidr.
The fund is being disbursed as part of the Social Investment Programme Project (SIPP) of the WB's International Development Association (IDA), which provides loans under concessionary terms.
The pilot project starts this week in four coastal upazilas, but will eventually cover 14 most affected upazilas, says a press release.
After the devastating Cyclone Sidr, the World Bank offered $250 million short-and medium-term funds to post-Sidr recovery efforts and to strengthen disaster management.
Already $100million was provided in budget support in the last financial year, with another $100 million on its way for delivery this fiscal year.
The loan carries a service charge of 0.75 percent, has 40 years to maturing including a 10-year grace period.
The agreement was signed by Economic Relations Division Additional Secretary Mohammad Mejbahuddin and WB Country Director Xian Zhu.
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