Bangladesh and the World Bank announced on Wednesday ( April 23 ) that they had signed two US$$ 850 million financing agreements to increase the country’s trade potential, increase employment, and modernize its social protection system.
The Bay Terminal Marine Infrastructure Development Project, an effort to develop and modernize terminal facilities in the southeast of Chittagong, will receive the majority of the money, which will amount to US$ 650 million.
A 6 km climate-resilient shoreline and access channels may be constructed as part of the project, which will allow the interface to accommodate larger vessels. This is anticipated to significantly shorten turn instances, lower travel costs, and increase Bangladesh’s export competitiveness.
According to authorities, the changes could save the business around US$ 1 million per time.
More than one million people are expected to benefit from improved access to local markets and transportation thanks to the Bay Terminal’s projected ability to handle 36 % of the country’s box traffic. The job will also encourage children’s involvement in port operations and help women-run businesses in looking into trade opportunities.
Bangladesh must continue to grow economically, especially for the roughly 2 million young people who enter the workforce each year, according to Gayle Martin, the interim country director of the World Bank.
The project Strengthening Social Protection for Improved Tenacity, Inclusion, and Targeting, which will provide funds and livelihood solutions to 4.5 million susceptible people, will receive the remaining US$ 200 million. It will concentrate on people, children, people with disabilities, and climate-affected employees.
The goal of the project is to create a national registry to enhance targeting and distribution of services. Additionally, it may offer innovation tutoring, microcredit, and skills training.
The International Development Association ( IDA ), the World Bank’s international development arm, has given Bangladesh more than US$ 45 billion since its declaration of independence in 1971.