The World Bank signed five financing agreements with Bangladesh, amounting to $1,118 million on Wednesday, to support the country in achieving resilient and inclusive growth by enhancing human development and climate resilience.
"The $300 million Gas Sector Efficiency Improvement and Carbon Abatement Project, aims to enhance the efficiency of gas distribution and end-use through pre-paid metering systems, thereby reducing methane emissions along the natural gas value chain", said a press release.
The five projects cover areas such as early childhood development, urban primary health, secondary education, riverbank protection and navigability, and gas distribution efficiency.
Sharifa Khan, Senior Secretary, and Abdoulaye Seck, Country Director of the World Bank, signed the agreements on behalf of their respective sides at the finance ministry's Economic Relations Division on Thursday.
"The support provided will aid in the installation of more than 1.2 million prepaid gas meters in Dhaka and Rajshahi Division.
This initiative includes the implementation of prepaid gas meters and advanced monitoring systems to optimize natural gas end-use, reduce greenhouse gas emissions and lower gas bills for households and industrial users," ERD release said.
The World Bank allocated $1,022 million from its IDA concessional window, while the remaining $90 million is from the Regular Scale Up Window (SUW), which is non-concessional, the release added.
For IDA concessional loans, the maturity period is 30 years with a 5-year grace period, an interest rate of 1.25 per cent, and a service charge of 0.75 per cent.
As for SUW, the interest charge is Reference rate+ Variable spread; commitment charge is 0.25 per cent, and the front-end fee is 0.25 per cent.
"Bangladesh is an important partner for the World Bank toward its vision of a world free of poverty on a livable planet. Since the country's independence, the World Bank and Bangladesh have had an impactful partnership that lifted millions of Bangladeshi people out of poverty," said Abdoulaye Seck, World Bank country director for Bangladesh and Bhutan.
"These projects will help prepare our children for a brighter future while improving resilience to climate change."
Approximately $210 million from the fund will be used for the Bangladesh Enhancing Investments and Benefits for Early Years Project.
This project aims to improve early childhood development by providing cash transfers and counseling services to about 1.7 million pregnant women and mothers of children under 4 years of age in vulnerable households.
The $300 million Learning Acceleration in Secondary Education Operation Project aims to strengthen secondary education by improving learning outcomes and teaching quality.
To address learning losses incurred during the COVID-19 pandemic and enhance preparedness for future shocks, the project will introduce complementary online learning blended with in-class education.
In an effort to reduce dropout rates, the program will provide stipends to 8 million vulnerable students and ensure that 5,000 schools have active sexual harassment and prevention committees in place.
The $102 million Jamuna River Sustainable Management Project 1 seeks to improve riverbank protection and navigability in the Jamuna River.
This initiative aims to protect approximately 2,500 hectares of land from riverbank erosion and flooding, preventing the displacement of thousands of people and safeguarding their livelihoods and assets.
It will also enhance navigation channels to accommodate large cargo vessels year-round, revitalizing inland water transport and trade.
The $200 million Urban Health, Nutrition, and Population Project aims to improve primary healthcare services for the treatment, prevention, and referral of common illnesses, including mosquito-borne diseases like dengue.
Focused on Dhaka North and South City Corporations, Chattogram City Corporation, and Savar and Tarabo municipalities, the project will support mosquito control, medical waste management, and behavior change communication.
Additionally, it aims to enhance antenatal services for women, with a target of over 250,000 women receiving at least four checkups during pregnancy. The project will also support hypertension screening and follow-up for about 1.3 million adults.
The World Bank, as one of the first development partners to support Bangladesh, has committed more than $40 billion in grants, interest-free, and concessional credits since the country's independence.
The credits for these projects are from the World Bank's International Development Association (IDA), and Bangladesh currently has the largest ongoing IDA programme, totaling $16.46 billion in 57 projects.
