DOT Desk: The World Bank has set forth 12 conditions for extending budget support of about $1.5 billion to Bangladesh over the next three years, Reports The Daily Star.
The conditions were put forward during the Washington-based multilateral lender’s quarterly tripartite meeting on September 11 and 12, according to finance ministry officials familiar with the discussions.
Earlier in June, the government sought budget support to offset the fallout of the Ukraine war on the Bangladesh economy.
Of the $1.5 billion, $250 million would come from the ‘Bangladesh Green, Resilient and Inclusive Development Policy Credit (GRID DPC)’ programme and another $250 million from the ‘Bangladesh Second Recovery and Resilience DPC’ scheme.
The project under which $1 billion would be extended would be decided during the forthcoming visit of Martin Raiser, the WB’s vice-president for South Asia, next week, the officials said.Save for two Bangladesh has met the conditions for the GRID DPC, which would be approved by the WB board in April next year.The country can expect $250 million each year under GRID DPC from 2023 to 2025. And should the country commit to more ambitious policies, the WB would increase the credit amount.
The ambitious policies include energy efficiency and renewable energy policies, foundational steps for establishing carbon pricing, particularly the creation of an emissions registry and monitoring, verification and reporting (MRV) system.
Nayeemul Islam khan
1327 Tejgaon Industrial Area (3rd Floor), Dhaka-1208