Dhaka, Bangladesh (BBN)- The World Bank (WB) will increase its International Development Assistance (IDA) to Bangladesh by 50 percent for 2017-18 and said that the country needs to invest more in building human capital.
The global multilateral lender will also provide an additional US$1.0 billion to help Bangladesh tackling malnutrition.
Visiting WB President Jim Yong Kim announced the extra assistant while addressing a press conference after his meeting with Finance Minister AMA Muhith at his ministry office in Dhaka on Monday.
He also said the WB is going to create a new fund on climate change purpose and Bangladesh will get assistance proportionately from this fund.
"We are celebrating poverty day and the reason we are here as Bangladesh has made tremendous success in reducing poverty. Bangladesh is investing in its people," the WB chief noted.
He appreciated Bangladesh for its initiative for women development and said the government and NGO continue to work together in this regard.
Responding to a questing, Kim said, "We're with Bangladesh. The WB continues to assist Bangladesh in many areas including climate change and infrastructure development."
Finance minister said Bangladesh got the largest chunk of the WB's concessional loan over the last 40 years and the amount is around $24 billion for almost all sectors.
The development partner has a plane to bring down the extreme poverty rate to zero by 2030 and Bangladesh expect higher assistance commitment from the WB in different sector specially the education, he added.
BBN/SSR/AD