Bangladesh has signed two loan deals worth $850 million with World Bank to develop the Bay Terminal and modernise the national social protection system.
Of them, the $650 million loan is for implementing the Bay Terminal Marine Infrastructure Development Project and the $200 million is for implementing the Strengthening Social Protection for Improved Resilience, Inclusion and Targeting Project, according to a release from the Economic Relation Division on Thursday.
WB in a release on the same day said that the Bay Terminal Marine Infrastructure Development Project in Chattogram would enhance Bangladesh鈥檚 export competitiveness by increasing port鈥檚 capacity and efficiency and reducing transportation costs and time.
The Strengthening Social Protection for Improved Resilience, Inclusion, and Targeting project will provide cash transfers and livelihood services for 4.5 million people, focusing on youth, persons with disabilities, women, and workers in climate-vulnerable regions.
ERD secretary Shahriar Kader Siddiky and WB country director (Interim) Gayle H Martin signed the loan deals in Washington on April 23.
Finance adviser Salehuddin Ahmed and WB vice-president for South Asia Martin Raiser were also present at the signing ceremony.
