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The World Bank on Tuesday committed $2 billion loan assistance to support the reform agenda of the interim government led by professor Muhammad Yunus.

Its country director Abdoulaye Seck said that the bank would provide the loan in the current fiscal year, according to a press release from the chief adviser’s office on the day.

Seck spoke about the new assistance when he met chief adviser Muhammad Yunus at the State Guest House Jamuna in Dhaka.

In the meeting, Yunus sought the World Bank’s technical support to recover billions of dollars of stolen assets siphoned off from Bangladesh by corrupt individuals during Sheikh Hasina’s 15-year-long dictatorship.

The World Bank country director told Yunus that the institution could mobilise about $2 billion new financing in this fiscal year to support critical reforms, flood response, better air quality and health.

‘We would like to support you as fast as possible and as much as possible,’ Seck said, adding that the bank would support the critical financial needs of the country.

He also said that in addition to the new commitments, the multilateral lender would repurpose about an extra $1 billion from its existing programmes in consultation with the government in response to the calls for support by the chief adviser to all development partners of Bangladesh, according to the release.

Seck said that the extra lending would raise the amount of soft loans and grants the World Bank would be giving to Bangladesh this fiscal year to about $3 billion once the funds from the existing projects were repurposed.

The World Bank country chief observed that the completion of the reforms would be ‘critically important’ for Bangladesh and its young demographic, including the two

million people who were joining the job market every year.

The chief adviser told the country head that the bank must have flexibility to fund Bangladesh’s reforms and help restart a new journey after 15 years of ‘extreme misgovernance’.

‘Out of these ashes, we have to build new structures. We need a big push, and we have to focus on the dreams of the students,’ he said.

‘I will suggest, help us. Be a part of our team,’ said Yunus.

He also asked the World Bank to lend its technical support to recover billions of dollars of stolen assets siphoned off from Bangladesh by corrupt individuals during the 15-year despotic rule, the release added.

‘You have the tech to bring back stolen assets,’ Professor Yunus said, adding Bangladesh would also need the bank’s expertise to build ‘a zero-corruption Bangladesh’. 

The World Bank country chief agreed to help Bangladesh bring back the stolen money. ‘We are happy to help you,’ Seck said.

He said that the bank would also like to help Bangladesh with data transparency, data integrity, digitalisation of tax collection, and financial sector reforms.

Professor Yunus said Bangladesh could not afford to lose this once in a lifetime opportunity to fix its institutions and undertake major reforms.

‘Once we lose it, it will never come back,’ he said.

Seck offered condolences for the martyrs of the July-August student-led uprising.

He said that he was impressed by the graffiti and murals painted by young people on Dhaka’s walls. ‘In 30 years of my career, I’ve never seen it anywhere,’ he said.

‘We need to empower them,’ Seck said.