Finance Minister Mustafa Kamal has sought loans at low interest from the International Development Association (IDA) fund of the World Bank to offset the economic fallout arising from Covid-19 pandemic and the Russia-Ukraine war.
The minister made the request after World Bank Vice President for the South Asia Region Martin Raiser paid a courtesy call on him at the Secretariat Sunday (13 November).
Abdulaye Sek, World Bank's Country Director for Bangladesh and Bhutan, accompanied Martin Raiser on a three day visit to Dhaka.
The finance minister welcomed the initiative of IDA 20 cycle, a global coalition of development partners who agreed on a historic $93 billion financing package scheduled for July 2022 to June 2025 to help low-income countries respond to the Covid-19 crisis and build a greener, more resilient, and inclusive future.
The minister noted that IDA 20 will be very helpful in revitalising the economies of IDA countries.
Referring to the $1 billion budget support Bangladesh received from 2019 to April 2022, the minister expressed his hope that another $500 million budget support will be available in the current financial year.
He expected to receive a total of $500 million under the DPC of Green, Resilience, Inclusive Development (GRID), with an yearly grant of $250 million in the next two years.
A loan proposal of $6.15 billion is in the pipeline for the period 2023-2025.
He also discussed the progress of various projects under implementation with World Bank loan assistance.