Dhaka, Bangladesh (BBN)- The World Bank will provide US$157 million loan for implementing various projects including livelihood development of rural people and disaster management in Bangladesh.
An agreement to this effect was signed at the Economic Relations Division (ERD) in the capital Dhaka on Monday, a World Bank press statement said.
ERD Secretary Musharraf Hossain Bhuiyan and World Bank Country Director Ellen Goldstein signed the agreement on behalf of their respective sides.
Of the loan, $115 million would be spent for a project styled ‘Notun Jibon’ (Empowerment and Livelihood Improvement).
It will improve the quality of life and the livelihood of poor households in rural villages and help build their resilience to climate change and natural disasters.
The remaining $42 million would be spent for the ongoing Municipal Services Project which would support infrastructure improvements in around 170 towns and improve financial and management capacity in municipalities.
The credit from the International Development Association (IDA), the World Bank’s concessional lending arm, has 40 years to maturity, including a 10-year grace period; and carries a service charge of 0.75 percent.
BBN/SI/AD-23Aug10-10:19 pm (BST)