BD seeks $2.5b as budget support, project the help of WB for FY'21

25 Sep 2020 1:20 PM
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Bangladesh has sought a good fund of US$ 2.5 billion from the World Bank (WB) to finance 15 different tasks and programmes in today's fiscal year (FY 2020-21), officials said on Saturday.

"We've sought the fund as Bangladesh desires huge expenditure to reconstruct its infrastructure and economy," the official at the Ministry of Financing (MoF) advised the FE.

Besides the project help, he said, the country also sought budgetary support from the Washington-based lender.

In line with the MoF, it requested intended for by least $ 500 million in finances support and $ 2.0 billion in project help for implementing different assignments this FY.

The WB in the merely concluded FY'20 had confirmed $250 million in finances support from its Development Policy Credit Center to create jobs across the country.

An Economic Relations Division (ERD) official said they have previously submitted obtain the fund for the existing FY.

"We are hopeful about getting confirmation on almost all of the funds in this FY," he added.

The ERD official said the WB had already confirmed funding for a couple of projects in July, the first month of the existing FY, out of our obtain a total of 15 projects.

Few days back again, the bank had confirmed $202 million in more financing for developing contemporary food safe-keeping facilities, he added.

The WB may be the largest multilateral expansion partner of Bangladesh. It generally provides cash for bankrolling different creation projects and offset spending plan deficit in the country.

Bangladesh currently has the largest ongoing IDA program of the WB totaling over $13.5 billion.

The WB has so far made commitment for a lot more than $31 billion in grants, interest-free and concessional credits to Bangladesh because the independence in 1971.

The ERD official said that they had sought funding for a few projects including $ 500 million for accelerating and strengthening skills for economic transformation, $ 300 million for urban health, nutrition and population project, $ 300 million road safety programme, and $ 210$ 200 million for water sanitation and hygiene for individual capital development project.

Besides, the federal government had also requested $ 100 million for Dhaka north neighbourhood upgrading job, $ 130 million for higher education and transformation project, $ 475 million for Dhaka open public transport project, and $ 300 million for municipality COVID response projects.

"We are hopeful about getting virtually all the aids during this FY2021," explained another senior ERD official.

He said that since Bangladesh requirements huge expense and it had an improved track record on amortization of foreign loans, the lender would come forward using its support accordingly.