Bangladesh has secured $850 million in financing from the World Bank to support the development of a major marine terminal in Chattogram and to expand the country's social protection programmes, the Economic Relations Division (ERD) said in a statement.

Two separate financing agreements were signed today (April 23) in Washington between the ERD and the International Development Association (IDA), the World Bank's concessional arm.

Under the deal, the WB will provide $650 million to Bangladesh for the Bay Terminal Marine Infrastructure Development Project at Chattogram, the port city.

Another $200 million will go toward implementing a wide-ranging social protection project, according to a statement from the ERD.

Shahriar Kader Siddiky, secretary of the ERD, and Gayle H Martin, interim country director of the World Bank for Bangladesh, signed the agreements on behalf of their respective institutions.

The Bay Terminal project, overseen by the Chittagong Port Authority, is expected to significantly improve port efficiency by reducing vessel turnaround time and increasing capacity.

It includes the construction of breakwaters, capital dredging of the entrance channel and basin, and the installation of navigation systems. 

The World Bank estimates the project could reduce daily economic losses by $1 million. Implementation is scheduled from April 2025 to June 2031.

The social protection project, to be implemented by the Department of Social Services and the Finance Division, will run from July 2025 to June 2030. 

It aims to expand the national social safety net by developing a Dynamic Social Registry, strengthening cash transfer programs, and supporting livelihood opportunities for low-income populations.