Bangladesh Receives $ 300 Million In Funding From World Bank To Boost Rural Economy And Build Resilience To COVID-19

DHAKA, June 27, 2021 – The government of Bangladesh and the World Bank signed a $ 300 million funding agreement to help an estimated 750,000 poor and extremely poor rural people in 20 districts lift themselves out of poverty and build resilience to the COVID-19 pandemic and any future shock.

Through income-generating activities, support for livelihoods and entrepreneurship, as well as skills development for the poor and extremely poor, the Resilience, Entrepreneurship and Livelihood Improvement Project (RELI) will help stimulate the rural economy in around 3,200 villages.

Building on the success of the first and second projects of the Social Investment Program and the Nuton Jibon Livelihood Improvement Project, the RELI project will mobilize, develop and strengthen community organizations and finance their community plans, provide cash transfers and loans for income-generating activities. .

The COVID-19 pandemic has had a negative impact on the rural poor, especially women, by limiting their income and economic opportunities ”, noted Mercy Tembon, World Bank Country Director for Bangladesh and Bhutan. “This project will help boost the rural economy and 90 percent of the beneficiaries will be women. The project will also contribute to health and nutrition awareness. When a woman earns more, her family and the community are better off.

In addition, the project will support rural entrepreneurs and producer groups with business links, including e-commerce platforms, partnerships with local governments and promotional activities. It will also offer skills development training to unemployed or underemployed youth and return migrants to increase their employability.

The project is aligned with the 8th five-year plan and the Bangladesh Delta Plan 2100 ”, noted Fatima Yasmin, Secretary, Economic Relations Division, Government of Bangladesh. “Through community mobilization and climate-smart farming practices, the project will help rural women withstand future shocks like the pandemic without falling back into poverty. ”

The project will provide training to nearly 490,000 people on climate risks, adaptation and resilience building. It will also build 5,120 small-scale climate resilient infrastructure.

The agreement was signed by Fatima Yasmin and Mercy Tembon on behalf of the government and the World Bank, respectively.

The World Bank’s International Development Association credit has a term of 30 years, including a five-year grace period. The World Bank is one of the first development partners to support Bangladesh after independence. Bangladesh currently has one of IDA’s largest programs, totaling over $ 14 billion. Since independence, the World Bank has committed more than $ 35 billion in grants, interest-free and concessional credits in the country.

About Keneth T. Graves

Check Also

Ismail Sabri: Government is focusing on entrepreneurship to boost rural economy

Acting Prime Minister Datuk Seri Ismail Sabri Yaakob speaks in Bera on November 12, 2022. …

Leave a Reply

Your email address will not be published.