Bangladesh has signed two financing agreements with the World Bank worth $850 million to boost infrastructure development and modernize its social protection system. These initiatives aim to enhance job creation and inclusive growth.
Bangladesh’s Economic Relations Division (ERD) and the International Development Association (IDA), the World Bank’s concessional financing arm, signed the agreements on Tuesday in Washington.
ERD Secretary Shahriar Siddiky and World Bank interim Country Director Dr Gayle Martin signed the documents, with Bangladesh’s Finance Adviser Dr Salehuddin Ahmed and Martin Raiser, the Bank’s Vice President for South Asia, also in attendance.
Of the total, $650 million will finance the Bay Terminal Marine Infrastructure Development Project at Chattogram, intended to expand the country’s port capacity and improve export competitiveness.
The project includes the construction of a six-kilometre climate-resilient breakwater and access channels to accommodate larger vessels, potentially reducing shipping turnaround time and saving an estimated $1 million daily for the economy.
According to the World Bank, the Bay Terminal is expected to handle around 36 percent of Bangladesh’s container traffic, improving transport connectivity for over a million people and supporting women’s participation in port operations.
The remaining $200 million will support the Strengthening Social Protection for Improved Resilience, Inclusion, and Targeting (SSPIRIT) project. The initiative aims to provide cash transfers and livelihood support to 4.5 million people, particularly youth, women, persons with disabilities, and workers in climate-vulnerable areas. It also seeks to establish a Dynamic Social Registry to target beneficiaries better.
