World Bank, Bangladesh sign 2 agreements

08 Nov '17

1 min read

Bangladesh will receive $457 million from the World Bank to help develop its private sector infrastructure projects and diversify exports in labour-intensive industries, such as leather goods, footwear, plastics, and light engineering. Both sides signed agreements in Dhaka recently to implement two projects that will help the country create more jobs.

The $357-million Investment Promotion and Financing Facility Project II (IPFF II) will enhance local financial institutions' capacity to offer long-term financing to private firms to undertake infrastructure projects in power and energy, information and communication technology, waste management, water treatment, energy saving equipment, container terminals, land ports, roads, and bridges.

Instead of the usual loan term of five to seven years, local financial institutions can now lend to private sector infrastructure ventures through the Bangladesh Bank for eight to 20 years, Bangladesh media reports quoted a World Bank press release as saying.

The second one, the $100-million Export Competitiveness for Jobs Project, will help create 90,000 more jobs by focusing beyond the ready-made garments sector. It will help firms access international markets, overcome technology, infrastructure and skills shortfalls, and enable them to comply with international quality standards. (DS)

Fibre2Fashion News Desk – India

More Apparel/Garments News - Bangladesh...