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Bangladesh govt to sign $457m financing deal with WB

  • Published at 09:34 AM November 05, 2017
Bangladesh govt to sign $457m financing deal with WB

The Export Competitiveness for Jobs Project will help the country diversify export and create jobs in targeted sectors

The Bangladesh government is signing two separate loan agreements with the World Bank (WB) on Sunday for implementing two projects designed to promote trade, business and investment.

A $100 million agreement will be inked for the “Export Competitiveness for Jobs Project,” while another contract for $357 million will be finalised for “Investment Promotion and Financing Facility II (IPFF-II) Project.”

Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam and WB Country Director Qimiao Fan will sign the two agreements on behalf of their respective sides at the ERD in the capital city, according to an official release.

The WB’s Board of Executive Directors approved the Export Competitiveness for Jobs Project in June this year to help the country diversify export and create better jobs in targeted sectors.

Approved in April this year, the second IPFF is aiming to increase long-term financing for infrastructure and to build capacity of the local financial institutions for promoting private sector-led infrastructure financing.

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