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WB pledges $500m in budget support: Muhith

  • Published at 02:03 pm May 27th, 2013
WB pledges $500m in budget support: Muhith

Finance Minister AMA Muhith has said the World Bank (WB) has promised a yearly credit of 1.2 billion dollar including $500m as budget support in social safety net programmes for the next fiscal year.

The credit for Bangladesh along with three major projects will be approved by the WB board in mid June, Muhith told reporters after a meeting with Asian Development Bank’s (ADB) Country Director M Teresa Kho at his secretariat office Monday.

In the meeting, they discussed ADB-funded projects, especially the one for capital market strengthening.

He said it is a ‘coincident’ that the promised $1.2bn, to be disbursed in the next fiscal year, and the amount WB wanted to fund in Padma Bridge are the same. “We are happy with the promise.”

He added the global lender has pledged $400 million in coastal embankment development project and $300m for construction of silos in Sirajganj.

Muhith said the bitterness between WB and Bangladesh government on Padma bridge corruption allegations came to an end during his last visit to the bank’s headquarters in Washington two months ago.

The WB last provided Bangladesh with budget support of $50m in 2008 to help cyclone Sidr affected families. ADB extended budgetary support credit of $300m this fiscal year.