Dhaka: Bangladesh and the World Bank on Wednesday (April 23) signed two financing agreements worth $ 850 million to strengthen the commercial capacity of the Southern Asian country, create jobs and modernize its social protection system, said the world lender based in Washington.
Most of the funding, 650 million US dollars, will support the project to develop marine infrastructure in the Bay Terminal, an initiative aimed at extending and modernizing port facilities in the southeast district of Chittagong.
The project will include the construction of a gear and access canals with a 6 km climate, allowing the port to accommodate larger ships. This should significantly reduce the recovery deadlines, reduce transport costs and increase the competitiveness of exports from Bangladesh.
Officials believe that improvements could allow the economy of around $ 1 million a day.
The bay terminal is expected to manage 36% of the country's container traffic, benefiting more than a million people by improving access to transport and regional markets. The project will also promote women's participation in port operations and will support companies led by women to explore commercial opportunities.
“To stay on a sustainable growth path, Bangladesh must create quality jobs for its population, especially for nearly 2 million young people who enter the labor market each year,” said Gayle Martin, Director of the Bangladesh of the World Bank for Bangladesh, in a press release.
The remaining $ 200 million will be used to strengthen social protection for improving the resilience, inclusion and targeting project, which will provide cash and livelihood services to 4.5 million vulnerable people. He will focus on young people, women, disabled people and workers in the climate -affected areas.
The project will establish a national register to improve targeting and provision of services. He will also offer skills training, micro-credit and entrepreneurship mentorship.
Funding comes from the International World Bank Development Association (IDA), which has engaged more than $ 45 billion in Bangladesh since its independence in 1971.
