World Bank approves dollar 1.05 billion to Bangladesh for jobs and economic recovery

The World Bank has approved dollar 1.05 billion for three projects in Bangladesh to create quality jobs and accelerate economic recovery in the wake of the Corona pandemic. The Press release issued by the World Bank on Friday quoted the Country Director for Bhutan and Bangladesh Mercy Tembon that these projects will help the economy in bouncing back by creating more and better jobs and promoting direct private investment in specialized economic zones.

The first project worth a dollar 500 million called Private Investment and Digital Entrepreneurship (PRIDE) project will strengthen social and environmental standards in selected economic zones and software technology parks in Bangladesh. It will create over 1.5 lakh jobs of which a percentage will be reserved for women. The project will also establish Dhaka’s first digital entrepreneurship hub in the Janata Software Technology Park. It will help Bangladesh to attract $2 billion of Foreign Direct Investment (FDI).

The dollar 295 million Enhancing Digital Government and Economy (EDGE) Project will set up an incorporated, distributed computing computerized stage for all administration offices and improve digital security. It



will empower the legislature to work for all intents and purposes and convey basic open administrations to residents and organizations in the midst of future emergency. This is probably going to make 1 lakh occupations, train 1 lakh youth in advanced advances and set up a computerized administration foundation. The task will likewise support the little and medium endeavors and key enterprises to get ready for the fourth modern insurgency. 

The dollar 250 million Second Programmatic Jobs Development Policy Credit will make monetary space to help the administration's reaction to the COVID-19 emergency.

The World Bank said that this is the second of the programme based series of three projects for Bangladesh intended to modernize the trade and investment regime, build a stronger system of expanded safety nets and labor protections and help vulnerable populations access better jobs, especially during crises.

Bangladesh currently has one of the largest IDA programs totaling over $13 billion. THe World Bank has committed more than $31 billion in grants, interest-free, and concessional credits to Bangladesh since its independence in 1971.