Bangladesh has overcome the ups and downs and tensional situation in relationship with World Bank (WB) that has been the largest partner in development of the country after the independence. After just one month of independence of Bangladesh, the then WB president Robert McNamara visited Bangladesh on January 31, 1972. He met Bangabandhu Sheikh Mujibur Rahman and WB became development partner of Bangladesh right on that time.
Meanwhile, WB MD Axel Van Trotosenburg came to Bangladesh recently on the 50th anniversary of relationship of Bangladesh and WB. He said WB is proud to be a development partner of Bangladesh.
Earlier, in 2011, complaints have been raised by WB over ‘corruption’ in constructing Padma Bridge’ financed by WB. Then, problems and complexity rose in relationship between Bangladesh and WB. It didn’t provide loan on constructing big infrastructures on this period expect giving loan in some regular projects. Bangladesh also didn’t demand more finance from WB after they had started constructing Padma Bridge with own finance.
However, the allegations over Bangladesh of involving in corruption were proved false in a Canadian court. Earlier, WB provided loan over constructing Bangabandhu Bridge over Jamuna River in 1994 which was the largest infrastructure of the country that time.
WB provided loan and commitment for aid of $38.9 billion so far from 1972 in overall development of the country including poverty alleviation, construction of village roads, improvement of standard of living, education, health, sanitation, and especially primary and technological education, increasing capacity of finance sector, assistance to budget and tackling natural disasters and risks. If the amount is converted in Taka, then it’s equal to Tk 170,000 crore.
Mentioning WB as one of the biggest development partner of Bangladesh, the Finance Minister said, “From 1972, we got $37 billion of loan and donation from WB. In this amount, we got loan waiver of 26.6 billion; however, we paid loan of $6.36 billion.
He informed that WB is preparing ‘Country Partnership Framework’ for 2023-27.
On the other hand, WB also admitted that withdrawing of fund from Padma Bridge project was their mistake. Latterly, they wanted to finance again, but government refused the help. The much-debated Padma Bridge was opened for transportation last year.
Meanwhile, government has plan of constructing tunnels on both sides of Padma River, which will surely be another big project in transportation sector. The economic relations department of the government said WB had shown interest in fin acing the project.
In this regard, former chief economist of WB Dhaka office told The Bangladesh Pratidin, “Its a memorable event for the country that they had 50 years of relationship with WB. Bangladesh has surpassed many ups and down in its relations with WB. Especially, their relationship declined after the allegation of corruption. However, it’s now evident that the relation has become normal and fine gradually. Countries like Bangladesh are a good working field for WB. Besides, its good assistance after independence, WB invested hugely in agriculture of the country in 80s. From 1978 to 1994, WB had provided monetary and technical assistance in economic and commerce sector reformation of the country. With the assistance of WB, Primary Education Development Program (PEDP) has been implemented in the country for a few decades. Stipend provided to female students is another successful WB-backed project. Besides, WB financed in construction of more than 1000 cyclone centers across the country.
Recently, newly appointed country director of WB, Abdoulaye Seck visited Dhaka. He said, “After independence, Bangladesh hasn’t received so much load and donation from any other development partner like what WB provided them. The organization is giving commitment in providing two to two-and-a-half billion US dollar to Bangladesh each year. WB has given commitment of providing loan amounted to $1,500 crore for 55 ongoing projects in the country.”
Comparing to the other countries, Abdoulaye Seck thinks economic capacity of Bangladesh is in very good condition.
In this regard, former caretaker government advisor, Dr AB Mirza Azizul Islam said, “The works and activities of WB are spread across the world. It does business by providing loans to the countries like Bangladesh. At the same time, It contribute to the development of those countries.”
PM urged WB and other development partners to increase assistance:
Meanwhile, Prime Minister Sheikh Hasina urged WB and other international organizations to foster their assistance to developing countries like Bangladesh so that they could face the challenges of epidemics, war and climate changes successfully. PM conveyed this urge when WB MD (operations) Alex Van Totsenburg on Monday met her at PM office. Later, PM’s speech writer Md Nazrul Islam briefed the journalists over the meeting.
PM Hasina said Russia-Ukraine war took place just after the Corona epidemic. And in this circumstance, countries like Bangladesh fell into problems due to hike in the price of fuel, foods and transport.
She said Bangladesh had achieved 8% growth even after the Covid-19, but the Russia-Ukraine war has become an obstacle to the gradual growth.
Mentioning the current global situation, WB MD said there are challenges ahead of developing countries like Bangladesh. To face the challenge successfully, these countries have to create new employment opportunities for new generation.
He assured of the continued support of WB to Bangladesh and said WB has been beside Bangladesh after 1972 and will remain so in future.
About his Dhaka-visit, he said the goal of this visit was to strengthen the partnership with Bangladesh. Mentioning the development of Bangladesh under the leadership of Sheikh Hasina, Alex Van Trotsenburg said Bangladesh had incredible development during past several years.
In this regard, PM Shikeh Hasina said the dream of the Father of the Nation was to build a golden Bangladesh free of hunger, poverty and humane suffering. We’ve been striving for fulfilling that dream by ensuring better and decent life for the countrymen.”
@The report was published on print and online versions of The Bangladesh Pratidin on January 24 and rewritten in English by Lutful Hoque
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