Bangladesh loan for $1.1 billion is approved by the World Bank
On 16th December 2014, the office of the World Bank Executive Board approved a loan amounting to $1.1 billion for three projects in Bangladesh. The fund has the potential to benefit almost 36m people by improving the quality of primary education, building coastal communities’ resilience to natural disaster, and increasing the nutrition and cognitive development of children.
World Bank Country Director for Bangladesh Johannes Zutt said “Directly and indirectly, these operations help ensure that even the poorest children in Bangladesh can achieve their full potential”.
The projects approved by the Bank’s Board of Executive Directors are
- $400m in additional financing for the Third Primary Education Development Program
- $375m for the Multipurpose Disaster Shelter Project
- $300m for the Income Support Program for the Poorest Project (ISPP)
Specifically for nutrition, the ISPP will provide income support to about 600,000 poorest mothers in exchange for participating in activities aimed to improve their children’s nutrition and cognitive development.
Iffath Sharif, World Bank Task Team Leader, ISPP said “Ensuring adequate nutrition prenatally and in the first 2 years of life helps to maximize a child’s brain development and health. Helping a child’s growth and cognitive development in the initial five years is critical to boost the earnings capacity in the later years of life and to prevent the transmission of poverty across generations”.