The World Bank approved a proposal to grant $250 million in financing to Bangladesh for strengthening its policies to support post-pandemic growth and enhance resilience to future shocks. The financing will be used to improve the social protection program and the country’s green energy policies. 

The Bangladesh First Recovery and Resilience Development Policy Credit — the first in a series of two credits — supports fiscal and financial sector policies to enhance macroeconomic stability and sustain growth, reported Dhaka Tribune.

“Since 2020, the World Bank has provided over $3 billion to Bangladesh to support emergency response, vaccination, and other Covid-19 recovery efforts,” Mercy Tembon, World Bank country director for Bangladesh and Bhutan, was quoted as saying by Dhaka Tribune.

The financing, he said, will further accelerate the government’s endeavors to strengthen its policies and regulatory framework for a green, resilient, inclusive recovery and low-carbon growth.

This program will also support the development of the National Tariff Policy, with the aim of modernizing trade taxes. It will also strengthen financial services and policies and platforms, creating the capacity for quick direct money transforms to people in future shock conditions.

(SAM)