WB to scale up funding in Bangladesh

The World Bank (WB) most likely will scale up its funding to Bangladesh, with pleading new financing commitments amounting to $1.9 billion for the current 2015-16 financial year (FY16).

Referring to a meeting between finance minister Abul Maal Abdul Muhith and WB senior vice president Kyle Peters, the multi-donor agency in a press release issued here today (Sunday) said the agenda of the meeting included discussion on the WB`s growing portfolio in Bangladesh.

The meeting was held on the sidelines of the IMF-WB annual meeting held in Lima, Peru on Saturday where the finance minister was leading a Bangladesh delegation.

"They discussed the World Bank`s growing portfolio in Bangladesh, which in 2015-16 (FY16) included new financing commitments amounting to $ 1.9 billion and disbursements of almost $1 billion", said the WB.

They also discussed the government`s progress in advancing various reforms, including in the areas of taxation, standards, and companies, that are intended to improve the investment climate and that, if passed, could be supported by a World Bank development policy operation, the release said.

Peters also expressed his intention to visit Bangladesh in the near future.