The World Bank will provide a total of $850 million to Bangladesh to support the construction of a bay terminal, create employment opportunities, and accelerate inclusive economic growth. In local currency, the funding amounts to approximately Tk 10,370 crore, based on an exchange rate of Tk 122 per US dollar.
The information was confirmed by the World Bank’s Dhaka office on Thursday, April 24.
The signing ceremony took place on Wednesday in Washington, D.C., where Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD) under the Ministry of Finance, signed the agreement on behalf of Bangladesh. Gail H. Martin, Acting Country Director of the World Bank, signed on behalf of the organization.
Dr. Salehuddin Ahmed, Economic Advisor to the Government of Bangladesh, and Martin Raiser, World Bank Vice President for South Asia, were also present during the signing, according to a press release issued by the World Bank.
Of the total funding, $650 million will be allocated for the Bay Terminal Marine Infrastructure Development Project in the port city of Chattogram. An additional $200 million will support the implementation of a social protection strengthening project.
Gail Martin stated that around 2 million young people enter the labor market in Bangladesh each year. To sustain economic growth, it is crucial to generate quality employment opportunities for this growing workforce.
She added that the $850 million financing package will play a transformative role by enhancing export competitiveness and helping people transition from social protection programs to the job market, thereby creating employment.
ERD Secretary Shahriar Siddiky emphasized that the long-standing partnership between Bangladesh and the World Bank continues to play a pivotal role in the country’s inclusive development and economic progress. He also noted that these projects are essential for enhancing climate resilience and advancing toward a more prosperous future.
The funding comes from the International Development Association (IDA), the concessional arm of the World Bank. Bangladesh remains one of IDA’s key development partners.