WB pledges greater support

The World Bank yesterday pledged greater support for Bangladesh's efforts to reform its economy as it would spread prosperity faster to more of the country's people.

"I am impressed by the people of Bangladesh, who are determined to make a change and create a better future for their children," said Kyle Peters, senior vice-president of the WB, upon concluding his two-day visit to the country.

Bangladesh can become a leader in reducing poverty if the right policies are implemented, he said, while praising Bangladesh's development progress.

While the country has achieved steady economic growth and lifted more than 16 million people out of poverty in the last decade, sustained reform efforts will be needed for further advancement, Peters said.

During the trip, he met with senior government officials, including the finance minister, the international affairs adviser to the prime minister and the central bank governor.

He discussed the preparation of the WB's Country Partnership Framework for Bangladesh and sought feedback on how the Washington-based lender's support can be best aligned with the country's priorities.

The framework will guide the WB's engagement in Bangladesh in the 2016-20 financial years and will be aligned with the government's seventh five-year plan. Peters also met with civil society and private sector leaders and development partners.

He stressed that Bangladesh needs to take full advantage of the large number of youths entering the workforce each year.

The WB will continue to help create more and better jobs through improving the quality of education and vocational training, addressing infrastructure bottlenecks, improving the business and investment climate, and deepening reform, he said. Peters visited the WB-financed projects in Chittagong, where he witnessed that market-oriented vocational and skills training is enhancing the employability of youths.

He also visited the Chittagong Export Processing Zone and a small power plant created through a public-private partnership. Peters and Muhith also discussed issues such as energy, health, education, transport and connectivity.

The WB has agreed to provide funds for Bangladesh's inland water sector for the first time in the country's history, said Muhith. "They last provided such support nearly 50 years ago, which is a good thing," he said.

He said Bhutan is generating 1,000 megawatts of electricity from its huge hydropower resources and Bangladesh can benefit from it. If a regional power grid between Bangladesh, Bhutan, India and Nepal can be established, Bangladesh will not need to lay transmission line to bring power from Bhutan, he said.