WB announces $93 bn aid for Bangladesh, other countries

The World Bank Wednesday announced a $93 billion replenishment package of the International Development Association (IDA) to help 74 low-income countries, including Bangladesh.

Apart from Bangladesh, five other South Asian countries - Afghanistan, Pakistan, Bhutan, Maldives, and Nepal - will receive the aid. 

The financing package, the largest ever mobilized in IDA’s 61-year history, was approved for responding to the COVID-19 crisis and building a greener, more resilient, and inclusive future, a press release said. 

The financing brings together $23.5 billion of contributions from 48 high- and middle-income countries with financing raised in the capital markets, repayments, and the World Bank’s own contributions. 

World Bank Group President David Malpass said, “Today’s generous commitment by our partners is a critical step toward supporting poor countries in their efforts to recover from the COVID-19 crisis.”.

“We are grateful for the confidence our partners have in IDA as a non-fragmented and efficient platform to tackle development challenges and improve the lives of millions of people around the world,” he added.