World Bank approves $1.25 bn financing for Bangladesh's green growth

The $500 million programme on Agricultural and Rural Transformation for Nutrition, Entrepreneurship, and Resilience (PARTNER) project will promote diversification, food safety, entrepreneurship, and climate resilience in the agri-food systems. The $500 million First Green and Climate Resilient Development Credit will help the country transition to green and climate-resilient development, while the $250 million Sustainable Microenterprise and Resilient Transformation (SMART) project will transform the micro-enterprise sector into a more dynamic, less-polluting, resource-efficient, and climate-resilient growth sector.

With these three projects approved, the International Development Association's (IDA) total ongoing programme in Bangladesh stands at $16.3 billion, while MIGA's current programme in Bangladesh is just over $1 billion. The International Finance Corporation (IFC) also has an ongoing programme of about $1 billion in Bangladesh, the World Bank said in a press release.

The CPF is anchored in the government's eighth Five Year Plan and the Long-Term Perspective Plan 2021–2041, and will help address key barriers to higher and sustainable growth in the country.

The CPF proposes a robust programme of technical and financial support focused on eight objectives, including improving the business environment for broad-based private sector development, strengthening financial intermediation for long-term growth and resilience, and improving the quality and equitable access of human capital development services. Other objectives include enhancing economic opportunities for women and vulnerable groups and improving effectiveness of delta management for accelerated climate resilience building and sustainability.

"This Country Partnership Framework builds on five decades of strong partnership between the World Bank Group and Bangladesh," said Abdoulaye Seck, World Bank country director for Bangladesh and Bhutan. “As Bangladesh aims to be more prosperous, it will need stronger institutions and policies to serve the needs of an upper-middle-income country. This CPF will support the government’s reform programmes to deliver jobs and support inclusion and resilience.”

Fibre2Fashion News Desk (DP)