The World Bank has approved $476 million for two projects in Bangladesh to develop a strong financial sector and to improve agricultural productivity for a million poor farmers.

On June 5, the projects approved by the Bank's Board of Executive Directors are $300 million for the Financial Sector Support Project and $176.06 million for the Second National Agricultural Technology Program, a press release issued today said.

"These two projects will support Bangladesh to reach middle-income status by strengthening the financial sector and ensuring greater food security. These, in turn will create more and better jobs," said Johannes Zutt, World Bank Country Director for Bangladesh.

The Financial Sector Support Project (FSSP) aims to improve financial market infrastructure, the regulatory and oversight capacity of the Bangladesh Bank, the country's central bank, and the access to long-term financing for private firms in Bangladesh.