National, Front Page

WB MD reiterates strong support to Bangladesh

Concludes 3-day visit


By BSS
Published : 25 Jan 2023 01:33 AM

World Bank (WB) Managing Director for Operations Axel van Trotsenburg on Tuesday concluded a three-day visit to Bangladesh, reaffirming the World Bank's strong support for Bangladesh to help achieve its vision of upper-middle income status by 2031.

He marked the commemoration of the 50 years of partnership between the World Bank and Bangladesh.

"Bangladesh's development and growth trajectory is an inspiration for many countries. It has tackled many development challenges in remarkable ways. It has reduced poverty in record time and has played a leading and innovative role in disaster risk management and adaptation to climate change," said van Trotsenburg.

He said the World Bank has been a steadfast partner for the past five decades and remains committed to help Bangladesh achieve green and inclusive economic growth and development, said a press release here.

Yesterday, van Trotsenburg met Prime Minister Sheikh Hasina and commended 

Bangladesh's role in climate change adaptation and disaster preparedness, and 

her strong leadership as the chair of the Climate Vulnerable Forum during 

2020-2022.

 "Despite being severely affected by climate change, Bangladesh has emerged as 

a global leader in climate resilience and disaster preparedness by taking a 

bold and innovative approach reducing cyclone-related deaths more than 100-

fold since 1971," van Trotsenburg added. 

The World Bank helped Bangladesh build and rehabilitate more than 700 km of 

coastal embankments, 1,000 cyclone shelters that also operate as schools, and 

550 km of paved roads that improve access for surrounding villages. 

Today, van Trotsenburg visited a World Bank-financed cyclone shelter that 

serves as a primary school during normal weather and met with the local 

communities.

 He visited the Kutupalong Rohingya camps in Cox's Bazar and thanked 

Bangladesh for its generosity to provide shelter to about 1.1 million 

forcibly displaced Rohingya people. The World Bank has leveraged US$590 

million in grant financing to help Bangladesh meet to the basic needs of the 

Rohingya people and the host communities.

 During the visit, he also met with the finance minister, senior government 

officials, and development partners and discussed Bangladesh's development 

priorities. He was accompanied by World Bank Vice-President for the South 

Asia Region Martin Raiser.

 "The World Bank is helping Bangladesh navigate through challenges of global 

shocks, including the impacts of the pandemic and the Russian invasion of 

Ukraine, and address barriers to higher growth," van Trotsenburg said.

 He also said that they are committed to supporting Bangladesh in its goal to 

become an upper-middle income country by 2031. For this, we will help create 

more private sector jobs, improve social and economic inclusion, and reduce 

climate vulnerability.

Over the 50-year partnership, the World Bank has committed about US$39 

billion in International Development Association (IDA) financing in the form 

of grants, interest-free loans, and concessional credits to help the country.

Currently, Bangladesh has the largest ongoing IDA programme and the World 

Bank is Bangladesh's largest development partner.