WB to provide $473m in 2 projects

Economic Correspondent: International financial institution World Bank (WB) is going to finance $473million in two separate projects for the development of financial sector and food security in Bangladesh.

Following the issues, two separate agreements with the World Bank were signed at NEC conference room of Sher-e-Bangla Nagar in capital on Tuesday afternoon.

The two projects are- Financial Sector Support Project (FSSP) and Bangladesh Urban Resilience Project (URP).

One of the two agreements includes $300 million Financial Sector Support Project, which aims at improving financial market infrastructure, regulatory and oversight capacity of Bangladesh Bank (BB) and access to long-term financing for private firms in Bangladesh.

The main objective of the other $173 million Bangladesh Urban Resilience Project is to strengthen the capacity of government agencies to respond to emergency events and to strengthen systems to reduce the vulnerability of future building construction to face natural disasters in Dhaka and other parts of the country.
 
Economic Relations Division (ERD) Senior Secretary Mohammad Mejbahuddin and Acting head in WB Dhaka office Christine E. Kimes signed on the two separate agreements on behalf of their respective sides.

The projects will be started from July in the next financial year of the country while it is scheduled to implement by June 2020.

risingbd/ Dhaka/ Jun 30, 2015/ Hasan/ Nasim/ Mahfuz