WB Terms Bangladesh As Poverty Reduction Model

The World Bank (WB) has reiterated its commitment to help Bangladesh sustain high economic growth.

Hartwig Schafer, vice president of the World Bank for South Asia, made the statement after meeting with Prime Minister Sheik Hasina at the end of his three-day visit to Bangladesh, a press release from the WB released on Wednesday said.

Schafer said Bangladesh has proved that with the commitment and determination of the government and the people, a country can come out of poverty and emerge as a low middle-income country within only a span of four decades.

“To accelerate growth and reach the next level of development, Bangladesh needs to create more and better jobs for its youth. A robust private sector, conducive business climate, skilled labor force, efficient infrastructure along with the right policies and quick actions will be critical,” he added.

He commended Bangladesh’s remarkable progress in economic development and poverty reduction. 

They discussed Bangladesh’s development priorities, and how the World Bank can support them to sustain the impressive results they have achieved in the past few decades, the release said.

Schafer said the World Bank is committed to joining Bangladesh on its journey to upper-middle-income status, in close cooperation with the government, stakeholders, and development partners, and for the benefit of all people.

The World Bank’s portfolio in Bangladesh has nearly doubled in the last six years and currently stands at US$11.6 billion. Bangladesh is one of the largest beneficiaries of the World Bank’s International Development Association (IDA) that provides concessional credit to poor countries.

Earlier on the day, Schafer spoke at the Bangladesh Development Forum and praised Bangladesh’s development innovations, including its success in empowering women, which has been instrumental in boosting the country’s economic growth and development. 

He also met with the finance minister and other senior government officials, civil society representatives and development partners.

The World Bank was among the first development partners to support Bangladesh following its independence. Since then, the World Bank has committed over $30 billion, mostly in grants, interest-free and concessional credits to Bangladesh.

Source: BSS