World Bank backs $850M boost to Bangladesh trade
New financing to support deep-sea terminals in Chattogram and modernize safety nets for 4.5 million vulnerable people
DHAKA, Bangladesh (MNTV) — Bangladesh has signed two major financing agreements with the World Bank totaling $850 million, aimed at strengthening maritime infrastructure and expanding its social protection system, as the country works to create more jobs and build resilience amid growing economic and climate challenges.
The agreements, signed Wednesday in Washington, D.C., include a $650 million investment in the Bay Terminal Marine Infrastructure Development Project, and $200 million for a new initiative to modernize the country’s national social safety net.
“This financing package will be a game changer for job creation,” said Gayle Martin, World Bank’s interim country director for Bangladesh.
“It will enhance trade competitiveness and help the most vulnerable graduate from social protection programs and enter the job market.”
Expanding Bangladesh’s maritime gateway
The Bay Terminal project will finance the construction of a 6-kilometer climate-resilient breakwater and access channels at the deep-sea port in Chattogram, enabling it to accommodate larger vessels.
Officials say the new terminal will reduce vessel turnaround times, potentially saving the economy $1 million daily in logistics costs.
The terminal is expected to handle 36% of Bangladesh’s container traffic, benefiting over one million people by improving access to transport and boosting regional connectivity.
The project also aims to create new opportunities for women entrepreneurs and increase female participation in port operations.
The Strengthening Social Protection for Improved Resilience, Inclusion, and Targeting (SSPIRIT) Project, funded by the remaining $200 million, will provide cash transfers and livelihood services to approximately 4.5 million people.
It will focus on youth, women, persons with disabilities, and communities in climate-vulnerable regions.
The initiative includes the development of a Dynamic Social Registry, a data-driven platform designed to improve the targeting and delivery of social services.
The project combines income support with skills training, entrepreneurship programs, microcredit access, and mentorship, aiming to improve job readiness and lift 2.5 million people into more stable employment.
Strategic goals and long standing partnership
Bangladesh and the World Bank have a strong and long standing partnership to help the country achieve inclusive growth,” said Shahriar Siddiky, secretary of the economic relations division of the government of Bangladesh.
“These projects are critical for the country’s climate resilience and economic future
The financing is provided by the World Bank’s International Development Association (IDA), which offers interest-free loans and grants to low-income countries.
Since Bangladesh’s independence in 1971, the World Bank has committed over $45 billion to the country.
The agreements were signed by Shahriar Siddiky, representing the government of Bangladesh, and Dr. Gayle Martin on behalf of the World Bank.
The signing was witnessed by Dr. Salehuddin Ahmed, finance adviser to the government of Bangladesh, and Martin Raiser, World Bank vice president for South Asia.
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