World Bank to provide Bangladesh 250-mln-USD loan for employment generation, COVID-19 impact mitigation

DHAKA, April 22 (Xinhua) -- The World Bank and the government of Bangladesh signed a 250 million loan agreement Thursday to help Bangladesh create more and better jobs and recover faster from the COVID-19 pandemic.

The Third Programmatic Jobs Development Policy Credit, the last in a series of three credits, focuses on key reforms to create quality and inclusive jobs, while supporting the government's response to the COVID-19 crisis, said the bank in a statement on Thursday.

It supports policies to modernize the trade and investment regime; improve social protection for workers; and help youth, women, and vulnerable people access quality jobs, according to the bank.

"The COVID-19 pandemic has had a disproportionate impact on the poor and vulnerable population," said Mercy Tembon, World Bank Country Director for Bangladesh and Bhutan.

The Jobs Development Policy Credit series has helped the government protect five million jobs, and enabled firms to continue paying their workers' wages. It also supported the migrant workers who have had to return to Bangladesh due to the pandemic, it added.

The program will also support informal micro-entrepreneurs in recovering by extending micro-finance facilities.

"The government has taken fast and proactive measures to protect the poor and vulnerable population and to mitigate the adverse impact of the COVID-19 pandemic on formal and informal businesses," said Fatima Yasmin, Secretary, Economic Relations Division, Government of Bangladesh.

The agreements were signed by Yasmin and Tembon on behalf of the Bangladeshi government and the World Bank, respectively.