The World Bank is providing a loan of 850 million USD (approximately Tk 10,500 crore) to Bangladesh to support job creation, expand trade, and modernize the social protection system. The government will use this funding for two specific projects.
This was confirmed by the World Bank’s Dhaka office on Thursday, April 24. The loan agreement was signed at the World Bank’s headquarters in Washington, D.C. On behalf of Bangladesh, Shahriar Siddique, Secretary of the Economic Relations Division (ERD), signed the agreement, while Gale Martin, Interim Country Director for Bangladesh at the World Bank, represented the bank. Also present at the event were Dr. Salehuddin Ahmed, Economic Adviser to the Bangladesh government, and Martin Reiser, Vice President for South Asia at the World Bank.
The World Bank stated that the loan will fund two major projects. The first is the ‘Bay Terminal Marine Infrastructure Development Project’, with an allocation of 650 million USD. This project aims to enhance the capacity and efficiency of deep-sea ports, improving ship handling capabilities, reducing transport costs and time, and supporting the growth of Bangladesh’s export sector. The project will also facilitate the arrival of larger vessels, further boosting Bangladesh’s position in the regional and international markets.
The second project is the ‘Strengthening Social Protection for Improved Resilience, Inclusion, and Targeting (SSPIRIT)’, with a budget of 200 million USD. This project focuses on skill development, entrepreneurship, microfinance, and providing advisory services, with the goal of creating job opportunities for around 2.5 million people.
Shahriar Siddique, Secretary of the ERD, said at the signing ceremony, “Bangladesh and the World Bank have a strong and long-standing partnership. These projects will be crucial for achieving the country’s development goals and building climate resilience for a sustainable future.”
Gale Martin, the World Bank’s representative, added, “For sustainable growth, Bangladesh needs to create quality employment for its growing youth population entering the labor market every year. This financial package will be a game-changer in creating jobs by enhancing trade, export capacity, and social protection programs.”
