WB approves 292-mln-USD to improve infrastructure, education in Bangladesh

The World Bank (WB) has approved an additional financing of 292 million U.S. dollars for two ongoing projects to improve infrastructure, education in Bangladesh, the bank said Wednesday.

Of total amount, according to a press release issued by WB Dhaka office, the Washington-based bank will provide 257 million U. S. dollars as long term finance for infrastructure development through the Investment Promotion and Financing Facility (IPFF) Project and 35 million U.S. dollars for bringing disadvantaged and poor children back to school through Reaching-Out-Of Children Project (ROSC).

It said the additional financing to the ongoing IPFF project, amounting to about five times the original project that has been operating since 2006, will build and expand on the project's successful experience in the power sector.

According to the press release, the bank extended more support to ROSC project, which helped to enroll over 500,000 out-of-school children, with high incidence of poverty, since 2004 through more than 15,000 learning centers in 60 sub-districts of the country.

The additional financing will help all the current students in these 60 sub-districts with an opportunity to complete the primary cycle, the bank said adding it will also scale-up the ROSC project in about 30 more sub-districts, enrolling an additional 250,000 out-of-school children.

The credits from the International Development Association, WB' s concessionary arm, have 40 years to maturity with a 10-year grace period and they carry a service charge of 0.75 percent.

Source: Xinhua