Monday, July 24, 2017

WB grants $507m for improving infrastructure

  • News Desk, bdnews24.com
    Published: 2017-04-07 18:35:39 BdST

The World Bank has approved $507 million for the financing of two projects relating to a development of infrastructure.

“Bangladesh needs faster and higher quality growth to attain its vision of becoming a middle income country by 2021," said World Bank Country Director Qimiao Fan in a statement on Friday.

“These two projects will help develop the much-needed infrastructures through building a private sector-led, long-term infrastructure financing platform and improving trade logistics.”

Local financial institutions cannot meet the longer-term financing demand for infrastructure investments due to limited capacity and market constraints, said the WB statement.

The Investment Promotion and Financing Facility (IPFF) II Project, "built on the success of a predecessor project", will continue to help local financial institutions in offering long-term funding for infrastructure in waste management, water treatment, energy saving equipment, container terminals, land ports, and bridges.