Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan, emphasized the transformative impact of these projects in sustaining economic growth and enhancing resilience to climate change and other shocks.

The first project, the $500 million Second Recovery and Resilience Development Policy Credit, aims to accelerate sustainable growth through fiscal and financial sector reforms. These reforms include transitioning from trade taxes to consumption and income taxes, strengthening banking sector oversight, and improving the management of public finances and social protection programs.

Bernard Haven, World Bank Senior Economist and Task Team Leader for the program, highlighted the importance of a robust financial sector in promoting investment and improving financial inclusion in Bangladesh.

The second project, the $400 million Resilient Urban and Territorial Development Project, focuses on enhancing climate-resilient urban infrastructure and management in seven city clusters along key economic corridors. This initiative aims to mitigate urbanization challenges, create jobs, and improve connectivity and livability in rapidly growing urban areas.

Kwabena Amankwah-Ayeh, World Bank Senior Urban Development Specialist and Task Team Leader for the project, emphasized the significance of developing secondary cities as hubs for sustainable growth and resilience against climate change impacts.

These initiatives underscore the World Bank’s commitment to supporting Bangladesh’s development goals, reinforcing its role as a key partner in promoting inclusive and sustainable economic growth across the country.

The World Bank has been a pivotal development partner for Bangladesh since its independence, committing approximately $41 billion in grants and interest-free credits to date.