DHAKA, September 19, 2024—The World Bank Vice President for South Asia, Martin Raiser, concluded his visit to Bangladesh today and pledged the World Bank's support for critical reforms to help the country achieve inclusive and sustainable growth.
Raiser met with the Chief Adviser of the Interim Government, Professor Muhammad Yunus, discussing the World Bank’s program of approximately $2.3 billion for the current fiscal year. The financing aims to enhance economic resilience, recover from recent floods, undertake public and financial sector reforms for better service delivery, build a clean energy sector, and improve air quality and health outcomes.
“Bangladesh has the opportunity to implement critical reforms that were unaddressed for a long time,” said Raiser. “Through existing and new investments, we are focusing on improving economic governance and creating more and better jobs for the 2 million Bangladeshi youth entering the job market every year.”
Raiser expressed condolences for the tragic loss of lives in July and August. The World Bank is in discussions with the health ministry to provide urgent support for treating critically injured students and affected individuals. Additionally, the World Bank will support rehabilitation and livelihood restoration for people affected by recent floods in eastern districts.
He also conveyed appreciation for Bangladesh's decision to continue providing shelter to about a million displaced Rohingya people fleeing violence in Myanmar. The World Bank has recently approved a $700 million program for displaced Rohingyas and host communities.
Raiser met with Finance Adviser, Energy Adviser, and Bangladesh Bank Governor to discuss critical reforms aimed at building economic resilience, safeguarding financial sector stability, and improving governance, transparency, and accountability.
Raiser highlighted substantial resources available from existing World Bank-financed projects that could be repurposed as needed to provide additional funding for urgent government priorities towards sustainable growth.
World Bank in Bangladesh
The World Bank was among the first development partners to support Bangladesh following its independence. In their 50-year partnership, the World Bank has committed about $44 billion in International Development Association (IDA) financing through grants, interest-free loans, and concessional credits to address development priorities. Currently managing nearly $16 billion in financing across 52 ongoing projects, Bangladesh holds the largest IDA program globally. The World Bank remains Bangladesh’s largest development partner.