Bangladesh signs $2.25B loan deal with World Bank

The World Bank has agreed to provide a loan of $2.25 billion to Bangladesh for its five development and climate-resilient projects.

A loan deal was signed in Washington, D.C. during an event marking the 50 years of partnership between the South Asian nation and the World Bank on Monday.

Speaking at the event, Bangladeshi Premier Sheikh Hasina said: “We are here not to pray. We want our right to develop a partnership with the World Bank. We take loans and we pay the money with interest.”

World Bank President David Malpass was also present at the event.

State-run Bangladesh Sangbad Sangstha news agency reported that the five projects for which the loan will be provided included Resilient Infrastructure Building Project (RIVER), Bangladesh Environmental Sustainability and Transformation (BEST), Accelerating Transport and Trade Connectivity in Eastern South Asia (ACCESS)-Bangladesh Phase-1, First Bangladesh Green and Climate Resilient Development (GCR D), and Sustainable Microenterprise and Resilient Transformation (SMART).

Speaking to the media, Salman Fazlur Rahman, the adviser to Bangladesh’s prime minister on private industry and investment, said it is the “single-largest loan deal” between his country and the World Bank.