Categories: International

World Bank approves USD 1.05 billion to Bangladesh

The World Bank has approved USD 1.05 billion for three projects in Bangladesh to generate quality jobs and boost economic recovery in the wake of the COVID-19 pandemic. The three projects namely: Private Investment and Digital Entrepreneurship (PRIDE), Enhancing Digital Government and Economy (EDGE), and Second Programmatic Jobs Development Policy Credit, are expected to help the economy in its recovery by generating jobs and encouraging direct private investment in specialized economic zones.

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About the three projects:

Private Investment and Digital Entrepreneurship (PRIDE):

Private Investment and Digital Entrepreneurship (PRIDE) is a USD 500 million worth project. It will bolster the social and environmental standards in selected economic zones and software technology parks in Bangladesh. It will also led to the creation of first digital entrepreneurship hub of Dhaka in the Janata Software Technology Park and will help the nation to attract $2 billion of Foreign Direct Investment (FDI). It will generate over 1.5 lakh jobs of which a certain percentage will be reserved for women.

Enhancing Digital Government and Economy (EDGE):

Enhancing Digital Government and Economy (EDGE) is a USD 295 million worth project. It will create an integrated, cloud-computing digital platform for all government agencies and enhance cyber-security. It will also establish a digital leadership academy, hence generating 1 lakh jobs and training 1 lakh youth in digital technologies.

Second Programmatic Jobs Development Policy Credit:

Second Programmatic Jobs Development Policy Credit is a USD 250 million worth project which will develop fiscal space to help the government’s response to the COVID-19 crisis.

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