WB to fund $120m for BBIN connectivity

“The World Bank will provide technical and financial support to implement the BBIN connectivity project to boost trade and commerce in the region,” said Commerce Minister Tofail Ahmed after a view exchange meeting with WB Bangladesh Country Director Qimiao Fan at the secretariat yesterday. Qimiao Fan said: “We have discussed the project that is now under preparation. This is the project that will help Bangladesh reduce time and cost for regional trade and WB will provide financial support of $120 million.” The project will support a number of initiatives including investment to improve a couple of land ports, setting up single window by the NBR and capacity improvement of women entrepreneurs. “This is one of the serious projects, the global lender is financing. Through this project we can enhance regional integration not only in trade but also in transport and other aspects,” said Qimiao. Currently, there are investment commitment of $10 billion by the WB in Bangladesh. The number of investment projects in the country is about 40, which are under implementation. These projects cover many areas including education, health, social protection, agriculture, rural development, water resource management, regional integration in energy and rural growth and financial sector. The WB top official lauded Bangladesh for its achievement in poverty reduction, human development, women education and empowerment. “In many ways, Bangladesh itself has many successful development stories. Bangladesh has a lot to offer to the rest of the world in terms of development achievement,” said Qimiao. He, however, cited some challenges including in infrastructure and particularly in energy, reliable supply of power, road sector, transport and climate change. It is a delta country on the way to attain the status of a middle-income country, Qimiao says, adding that Bangladesh will become a middle-income country in a few years. He urged the government to use domestic resources for building new infrastructure instead of repairs and integrate private sector investment in infrastructure development.