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ARN News Center
24-04-2025
- Business
- ARN News Center
Bangladesh, World Bank sign $850 million deal to boost jobs, trade
Bangladesh and the World Bank have signed two financing agreements worth $850 million to strengthen the South Asian country's trade capacity, create jobs and modernise its social protection system. The bulk of the funding, $650 million, will support the Bay Terminal Marine Infrastructure Development Project, an initiative to expand and modernise port facilities in the southeastern district of Chittagong. The project will include constructing a 6-km climate-resilient breakwater and access channels, allowing the port to accommodate larger vessels. This is expected to sharply reduce turnaround times, lower transportation costs, and boost Bangladesh's export competitiveness. Officials estimate the improvements could save the economy around $1 million per day. The Bay Terminal is projected to handle 36 per cent of the nation's container traffic, benefiting more than one million people by improving access to transport and regional markets. The project will also promote women's participation in port operations and support women-led businesses in exploring trade opportunities. "To remain on a sustainable growth path, Bangladesh must create quality jobs for its population, particularly for the nearly 2 million youth who enter the labour market every year," Gayle Martin, the World Bank's interim country director for Bangladesh, said in a statement. The remaining $200 million will go toward the Strengthening Social Protection for Improved Resilience, Inclusion, and Targeting project, which will deliver cash and livelihood services to 4.5 million vulnerable people. Its focus will be on youth, women, persons with disabilities, and workers in climate-affected areas. The project will establish a national registry to improve targeting and service delivery. It will also provide skills training, micro-credit, and entrepreneurship mentoring. The financing comes from the World Bank's International Development Association (IDA), which has committed more than $45 billion to Bangladesh since its independence in 1971.
Express Tribune
24-04-2025
- Business
- Express Tribune
Bangladesh signs $850m deals with World Bank to boost trade, jobs
Bangladesh has signed two financing agreements worth $850 million with the World Bank to upgrade its port infrastructure and strengthen its social safety nets, the global lender announced on Wednesday. The World Bank will provide $850 million in total financing to Bangladesh through two separate agreements aimed at expanding the country's trade capabilities and supporting vulnerable communities. The larger portion, $650 million, will fund the Bay Terminal Marine Infrastructure Development Project in Chittagong. The project includes building a 6-kilometre breakwater and access channels to allow larger ships at the port, a move expected to cut shipping costs, reduce turnaround times, and improve export performance. Government estimates suggest the terminal could save the national economy around $1 million daily. Once operational, it is projected to handle 36% of Bangladesh's container traffic and serve over one million people by improving access to trade and transport networks. The VP of South Asia for World Bank Martin Raiser announced the development on his X (formerly Twitter) page. Today we signed 2 agreements with #Bangladesh for projects totaling $850 million that will help create jobs, boost trade and modernize social protection for millions of #Bangladesh citizens. — Martin Raiser (@MartinRaiser) April 24, 2025 The project also aims to promote gender inclusivity by encouraging women's participation in port operations and facilitating opportunities for women-led businesses. 'To remain on a sustainable growth path, Bangladesh must create quality jobs for its population, particularly for the nearly 2 million youth who enter the labour market every year,' said Gayle Martin, the World Bank's interim country director for Bangladesh. The second agreement, worth $200 million, will support the Strengthening Social Protection for Improved Resilience, Inclusion, and Targeting project. It aims to assist 4.5 million vulnerable people, including youth, women, persons with disabilities, and workers in climate-affected regions. This initiative will establish a national registry to enhance service delivery and provide access to cash support, skills training, micro-credit, and mentoring to promote entrepreneurship. The financing is provided by the World Bank's International Development Association (IDA), which has contributed more than $45 billion to Bangladesh since 1971.
Reuters
24-04-2025
- Business
- Reuters
Bangladesh, World Bank sign $850 million deal to boost jobs, trade
DHAKA, April 24 (Reuters) - Bangladesh and the World Bank on Wednesday signed two financing agreements worth $850 million to strengthen the South Asian country's trade capacity, create jobs, and modernise its social protection system, the Washington-based global lender said. The bulk of the funding, $650 million, will support the Bay Terminal Marine Infrastructure Development Project, an initiative to expand and modernise port facilities in the southeastern district of Chittagong. The project will include constructing a 6-km (3.7-mile) climate-resilient breakwater and access channels, allowing the port to accommodate larger vessels. This is expected to sharply reduce turnaround times, lower transportation costs, and boost Bangladesh's export competitiveness. Officials estimate the improvements could save the economy around $1 million per day. The Bay Terminal is projected to handle 36% of the nation's container traffic, benefiting more than one million people by improving access to transport and regional markets. The project will also promote women's participation in port operations and support women-led businesses in exploring trade opportunities. "To remain on a sustainable growth path, Bangladesh must create quality jobs for its population, particularly for the nearly 2 million youth who enter the labor market every year," Gayle Martin, the World Bank's interim country director for Bangladesh, said in a statement. The remaining $200 million will go toward the Strengthening Social Protection for Improved Resilience, Inclusion, and Targeting project, which will deliver cash and livelihood services to 4.5 million vulnerable people. Its focus will be on youth, women, persons with disabilities, and workers in climate-affected areas. The project will establish a national registry to improve targeting and service delivery. It will also provide skills training, micro-credit, and entrepreneurship mentoring. The financing comes from the World Bank's International Development Association (IDA), which has committed more than $45 billion to Bangladesh since its independence in 1971.
