WB to provide $3.5b to support reforms

The World Bank would provide $3.5 billion to Bangladesh to support the interim government's reform initiatives following a request from Chief Adviser Muhammad Yunus.

At least $2 billion would be fresh loans and another $1.5 billion would be repurposed from the existing programmes, said a statement from the chief adviser's press wing quoting Ajay Banga, president of the World Bank Group.

Yunus met with Banga on Wednesday on the sidelines of the UN General Assembly at the UN Headquarters in New York.

During the meeting, Yunus sought the WB's support for the wide range of reforms the interim government had undertaken and asked the global lender to be creative about its lending programme, the statement said.

"It is a big opportunity to rebuild the country," Yunus said.

The WB would support reforms in digitisation, liquidity, energy and power, and transport, according to the statement.

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Banga also discussed the issue of energy sector cooperation in South Asia and how hydro energy produced in Nepal and Bhutan could be shared by neighbours such as India and Bangladesh.

The issue of hydropower cooperation was also discussed during a meeting between Yunus and Nepalese Prime Minister KP Sharma Oli on the sidelines of UNGA.

Yunus stressed the need for increased energy trade between the two nations, saying Nepal is endowed with a huge amount of renewable energy.

Bangladesh is expected to sign a 40-megawatt power purchase agreement with Nepal next month. Nepalese delegates at the meeting said the country would be able to export more electricity in a few years.

Energy cooperation, trade and people-to-people interactions between the two South Asian nations featured prominently during the talks, according to the statement.

Energy, power and transport Adviser Fouzul Kabir Khan and senior secretary and SDG Affairs Coordinator Lamiya Morshed were also present during the meeting.