August 2, 2009 / 10:37 AM / 11 years ago

Bangladesh gets $1 bln World Bank loan for 09/10

DHAKA (Reuters) - The World Bank said on Sunday it will loan Bangladesh $1.0 billion in the fiscal year to end June 2010 to counter gloabal financial crisis and also for the development of infrastructure.

“In the fiscal year the World Bank committed to allow more access to help the country struggling amid the global economic crisis,” said Robert L. Floyd, acting World Bank country director for Bangladesh.

In fiscal year 2009, the World Bank Group committed $58.8 billion globally to help countries struggling amid the global economic crisis, a 54 percent increase over the previous fiscal year and a record high for the global development institution.

The South Asia region alone saw a marked increase of $1.1 billion in the fiscal year of 2008/09 from the previous year, as commitments rose to $6.6 billion.

Within South Asia, India was the largest borrower from the World Bank group, accounting for $2.242 billion. Pakistan was the second largest borrower with $1.609 billion, followed by Bangladesh at $1.096 billion, the bank said in a statement.

This is the highest Bangladesh has received in recent times.

“We will continue our support to help respond to the current global crisis as well to increase reliable energy, improve weak infrastructure facilities and also budgetary support,” the director said.

Poor power supply is estimated to cost around 2 percent in GDP (gross domestic product) growth each year.

In addition to ongoing projects and those in the pipeline for the fiscal year to end June 2010 and beyond, the World Bank has provided $130 million to help Bangladesh respond to the food crisis that has pushed 4 million Bangladeshis back into poverty.

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