Over the past 15 years, Bangladesh's financial sector has been weakened by a series of irregularities; to support its much-needed reform, the World Bank is set to provide approximately $1 billion in loan assistance, said the Bangladesh Bank.
"The World Bank will offer $1 billion in total, with $750 million as a policy-based loan and $250 million as investment loans and guarantee facilities, said BB Executive Director and Spokesperson Husne Ara Shikha on Sunday (15 September).
She further stated that the World Bank’s board is expected to approve this loan by December.
However, Bangladesh must meet three conditions to secure the funds.
The central bank clarified that these conditions include the establishment of an asset management company in the private sector, the redefinition of non-performing loans in line with international standards, and the submission of an audit firm’s proceedings from the newly formed task force to the World Bank.
