WB already committed $15bn for 55 projects, says outgoing Country Director

The World Bank has already committed to providing $15 billion or nearly Tk 1.38 trillion in loans for 55 ongoing projects in Bangladesh, its outgoing Country Director Mercy Tembon has informed. 

Tembon said this in a farewell meeting with Planning Minister MA Mannan on Monday.

They also discussed different aspects of the Washington-based lender’s financing in Bangladesh.

Tembon, currently serving as country director for Bangladesh and Bhutan, has been promoted to the position of vice-president of the multi-lateral lending agency.    

“In last three years, the World Bank has released nearly $800 million and it is committed to providing another $15 billion funds for 55 new projects,” Tembon said.

“I’m pleased with the development continuity in Bangladesh. The country has been able to keep the pace of development since the start of the Covid pandemic,” She added.

Mercy Tembon assured that she would play an active role in World Bank board meetings as a vice-president where Bangladesh’s financing issues will be discussed.

“I will try my level best when any issue of Bangladesh will be tabled at the board meetings,” she noted. 

During the meeting, Planning Minister MA Mannan told Tembon that Bangladesh's economy may make a turnaround from September.

“Like the rest of the world, Bangladesh has fallen into a crisis to some extent. However, remittance inflow and exports have already risen,” the planning minister stated.

“The economy will be back in the right track from next month supported by several initiatives that the government has taken to address the situation,” Mannan also said.  

Despite some tensions in relation, the World Bank is an important development partner of Bangladesh, he acknowledged.

He conveyed the message to the WB high official that Bangladesh needs financing for education and rural infrastructure in future.

He hoped that the lender will continue its support for Bangladesh in the coming days.