Ajay Banga, President of the World Bank (WB) Group, announced today that the global financial institution would extend $3.5 billion to support reform initiatives undertaken by Bangladesh’s interim government. The announcement was made during a meeting between Banga and Bangladesh’s Chief Adviser, Professor Muhammad Yunus, on the sidelines of the United Nations General Assembly (UNGA) at the UN Headquarters on Wednesday.
Banga, a long-time friend of Prof. Yunus, revealed that $2 billion would come as fresh funding, while an additional $1.5 billion would be redirected from existing programmes. The World Bank’s financial assistance aims to support critical reforms in Bangladesh’s digitisation, liquidity, energy, power, and transport sectors.
During the discussions, Prof. Yunus expressed his gratitude and urged the World Bank to take a creative approach in designing its lending programme, emphasizing the significant opportunity to rebuild the nation.
In the meeting, the WB president also explored avenues for energy sector cooperation in South Asia, specifically how hydro energy generated in Nepal and Bhutan could be distributed to neighboring countries like India and Bangladesh.
Energy and Power Adviser Fouzul Kabir Khan was also in attendance at the meeting, which underscored the broader regional energy collaboration efforts.
