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WB to increase Bangladesh funding

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WB to increase Bangladesh funding

Thereport24.com Desk:

The World Bank (WB) is highly likely to increase funding for Bangladesh as it pleads new financing commitments amounting to $1.9 billion for the 2015-16 fiscal year, reports BSS.

Referring to a meeting between finance minister Abul Maal Abdul Muhith and WB senior vice president Kyle Peters, the multi-donor agency in a press release issued here today (Sunday) said the agenda of the meeting included discussion on the WB's growing portfolio in Bangladesh.

The meeting was held on the sidelines of the IMF-WB annual meeting held in Lima, Peru on Saturday where the finance minister was leading a Bangladesh delegation.

"They discussed the World Bank's growing portfolio in Bangladesh, which in 2015-16 (FY16) included new financing commitments amounting to $ 1.9 billion and disbursements of almost $1 billion", said the WB.

They also discussed the government's progress in advancing various reforms, including in the areas of taxation, standards, and companies, that are intended to improve the investment climate and that, if passed, could be supported by a World Bank development policy operation, the release said.

Peters also expressed his intention to visit Bangladesh in the near future.

Ends/thereport24.com/MI/Oct 11, 2015