Reliable Brokers
Online Investing
Alerts & Analysis
Easy Trading

World Bank to provide $375m credit to fight natural disaster

Update : 26 Jan 2015, 06:23 PM

The World Bank (WB) will provide $375m loan for reducing vulnerability of Bangladeshi coastal population prone to natural disasters.

An agreement was signed with the International Development Association (IDA), the WB’s concessional arm that helps the world’s poorest countries, for the multipurpose disaster shelter project, said a WB statement released yesterday.

Senior Secretary of Economic Relations Division (ERD) Mohammad Mejbahuddin and WB Country Director Johannes Zutt signed the agreement on behalf of their respective organisations at the ERD in the capital.

The credit from IDA has a 38-year term, including a six-year grace period and a service charge of 0.75%.

The project will build and improve multipurpose disaster shelters in nine coastal districts, which are identified as high priority locations in a recent assessment by the government.

These districts are Barisal, Bhola, Chittagong, Cox’s Bazar, Feni, Lakhshmipur, Noakhali, Pirojpur, and Patuakhali.

It will construct 552 new multipurpose disaster shelters, improve 450 existing shelters, and build connecting roads and communication networks in 9 coastal districts.

The project will benefit 1.4 crore coastal populations living in the front line of climate change.  The project will introduce steel shelter designs for the first time in Bangladesh for ensuring improved construction quality and durability as well.

“Its geographical location makes Bangladesh prone to floods and cyclones, and climate change could increase the frequency and intensity of these extreme-weather events,” said Zutt.

“The project will build and upgrade shelters to reduce the vulnerability of people living in coastal areas and help Bangladesh build a long term disaster resiliency.”

The shelters are designed such that they would serve as primary schools during the year, and provide safe haven to local community during natural disasters.

The shelters will be able to protect people from high wind speeds and storm surges. 

The shelters will be equipped with water supply systems and separate sanitation facilities for men and women. They will also have space for animals and livestock.

“Over the last decades, Bangladesh successfully created a growing network of cyclone shelters and the community-based early warning system that saved lives and assets during natural disasters,” said Mejbahuddin,

“The Bangladesh Climate Change Strategy and Action Plan (BCCSAP) calls for the repair and construction of additional shelters in the coastal zones as a priority intervention. The project will help Bangladesh to improve disaster preparedness and risk reduction,” he added. 

Top Brokers