$100m deal with WB for water, sanitation on Sunday

The government will sign a deal on Sunday with World Bank (WB) for $100 million to implement ‘Bangladesh Municipal Water Supply and Sanitation Project’, reports BSS.

The contract signing ceremony of the project will be held at 11am at NEC-2 in the city’s Sher-e-Bangla Nagar, said a press release. Secretary of Economic Relations Division Manowar Ahmed and Country Director of World Bank Mercy Miyang Tembon will sign the agreement on behalf of their respective sides. International Development Association (IDA), an organisation of the World Bank would provide SDRs (Special Drawing Rights) 72.20 million equivalent to $100 million as loan for implementation of the project.

According to the WB, the SDRs are the International Monetary Fund’s unit of account. This “SDR deflator” is calculated as a weighted average of the GDP deflators of China, Japan, the United Kingdom, the United States, and the Euro Area.