WB to provide $300m to strengthen local urban institutions

GBNEWS24DESK//

The government of Bangladesh and the World Bank on Sunday signed a $300 million financing agreement to help the country strengthen its local urban institutions to respond to and recover from the COVID-19 pandemic and improve preparedness to future shocks.

The Local Government COVID-19 Response and Recovery Project will benefit 39.9 million urban residents in all eight divisions. It will help its cities and towns to build back better as they recovers from the pandemic and prepare for future shocks, including climate change, disasters, and disease outbreaks.

In addition, some 329 municipalities and 10 city corporations will receive funds bi-annually from the project to improve critical urban services and infrastructures to mitigate and respond to climate change impacts, disasters, and future disease outbreaks.

The agreement was signed by Economic Relations Division (ERD) Secretary Sharifa Khan and World Bank Country Director Mercy Tembon on behalf of the government and the World Bank, respectively, said a press release.

“With quick and proactive measures, Bangladesh government will be able to address impact of the COVID 19 pandemic,” said ERD Secretary Sharifa Khan.

“The project will further support to ensure that the urbans areas remain prepared to any future shocks while benefiting the urban poor through job creation, better services, and infrastructure,” she added.