The World Bank is a major partner in Bangladesh’s development journey.
Under the prime minister’s leadership, Bangladesh has already made great strides towards alleviating poverty, reducing the child mortality rate, and improving the gender parity in education, all objectives outlined in the UN’s sustainable development goals.
It is a testament to the resilience of our economy that the country boasts a healthy growth rate of 6%, in spite of being plagued by natural disasters such as severe cyclones.
But there is still a lot that needs to be done. Our foreign direct investment numbers still lag behind potential, and we need to invest more in people, so we can have a more educated and healthy workforce.
This is where the World Bank comes in.
While the World Bank should not be dictating terms for Bangladesh, it can still be a valuable development ally.
WB President Jim Yong Kim’s visit is a sign that we are about to embark on a fruitful and enduring partnership.
With the new commitment of $72 billion, out of which an additional $1bn is slated for child care, Bangladesh’s aspirations of becoming a middle-income country seem within reach.
This can be achieved through proper utilisation of the World Bank funds, investments in the improvement of our energy and transport infrastructure, and, most crucially, the private sector.
The private sector has been Bangladesh’s economic backbone, with the RMG sector playing a prominent role, providing thousands of jobs, especially to women, reducing the gender gap.
With a bigger role for the World Bank in Bangladesh’s development journey, we can hope for a new era of prosperity, and to truly leave poverty behind.
