The World Bank’s (WB’s) Board of Executive Directors discussed a new Country Partnership Framework (CPF) for Bangladesh (2023-2027) and approved $1.25 billion financing in three new projects.
The CPF anchored in the government’s eighth Five Year Plan and the Long-Term Perspective Plan 2021-2041, will support Bangladesh’s goal to achieve upper-middle-income country status by 2031 by helping the country address key barriers to higher and sustainable growth.
It will help develop a diversified and competitive private sector to create more and better jobs, promote socioeconomic inclusion to expand opportunities for all and address climate and environmental vulnerabilities.
These three outcomes are key priorities for Bangladesh’s growth aspirations, said a statement.
Guided by these priorities, the CPF proposes a robust programme of technical and financial support focusing on eight objectives-improved business environment for broad-based private sector development, strengthened financial intermediation for long-term growth and resilience, improved effectiveness of public institutions to deliver better services, improved quality and equitable access for human capital development services, enhanced economic opportunities for women and vulnerable groups, strengthened spatial and digital connectivity for inclusive growth, improved effectiveness of delta management for accelerated climate resilience building and sustainability and productivity in the use of natural capital for green growth and energy transition.
“This Country Partnership Framework builds on five decades of strong
partnership between the World Bank Group and Bangladesh,” said Abdoulaye Seck, WB country director for Bangladesh and Bhutan.
With the three projects approved, the International Development Association’s (IDA) total ongoing programme in Bangladesh stands at $16.3 billion. The current programme of MIGA in Bangladesh is just over $1 billion. IFC has an ongoing programme of about $1 billion, the statement added.