The leading financial agency the World Bank has announced $1.05 billion for three projects to help Bangladesh create quality jobs and accelerate economic recovery from the COVID-19.
- The fund will help to build resilience to future crises.
- The $500 million Private Investment and Digital Entrepreneurship (PRIDE) Project will promote and attract about $2 billion direct private investments and strengthen social and environmental standards in selected public and private economic zones and software technology parks.
- It will also create 150,000 jobs, of which a percentage will be dedicated to women–about 40 percent in software parks and 20 percent in Economic Zones.
- The project will also establish Dhakas first digital entrepreneurship hub in the Janata Software Technology Park and turn it into a green building.
- By attracting domestic and foreign private investment, including in the IT and ITES sectors, the project will help the economy to rebound from the impacts of COVID 19.
The World Bank measures against COVID-19 pandemic in last three months 2020:
June 2020: World Bank has approved around $400 million to support Egypts transformational Universal Health Insurance System (UHIS). The project will support the Government of Egypt (GOE) to put in place the building blocks of the Universal Health Insurance System.
June 2020: To mitigate the economic impact of the COVID-19 pandemic on poor and vulnerable workers in Maldives, World Bank a global financial agency has approved a $12.8 million COVID-19 Emergency Income Support Project for country.
June 2020: World Bank has approved a $100 million Development Policy Credit (DPC) to support to the Nepal Government in improving the financial viability and governance of the electricity sector and recovering from the COVID-19 crisis.
May 2020: World Bank has approved a financing of $48 million from the International Development Association (IDA) to help Uganda prevent and respond to the threat to livelihoods posed by the desert locust outbreak and to strengthen its national and regional systems for preparedness.
May 2020: World Bank approved a $1 billion budget support operation for Kenya, which helps close the fiscal financing gap. The fund will also help to respond the COVID-19 outbreak.
May 2020: World Bank has approved an emergency loan of USD 20 million to support the Uruguayan Governments efforts to minimize impacts of the Coronavirus pandemic (COVID-19) on the health system.
May 2020: World Bank has approved USD 50 million for Egypt as an emergency response under the World Bank Groups new Fast Track COVID-19 Facility a global effort to help strengthen the COVID-19 response and shorten the time to recovery.
May 2020: World Bank has announced $170 million for the restructuring of the Healthcare Service Network Project requested by Bolivias Ministry of Development Planning. The fund will strengthen the capacity of the healthcare systems response to the Covid-19 pandemic in Bolivia.
May 2020: World Bank has approved a flexible $500 million loan to Ecuador to help during the Covid-19 emergency and to promote economic recovery. The loan is the second in a series of three Development Policy Financing (DPF) operations. The first loan of this series was disbursed in June 2019.
April 2020, In response to COVID-19 (coronavirus) pandemic the World Bank has approved approximately $37 million an immediate funding to Malawis fight against global pandemic. The fund helps COVID-19 Emergency Response and Health Systems Preparedness project of the country.
About World Bank Group
World Bank Group, headquartered in Washington D.C., United States, is a global financial institution. The group provides loans and grants to the poorer countries across the globe. The World Bank has around 189 member countries and having staff from more than 170 countries of the world. The group has offices at around 130 locations across the globe.
The World Bank Group comprises of International Bank for Reconstruction and Development (IBRD), focuses on middle-income and creditworthy poorer countries and the International Development Association (IDA) on the worlds poorest countries. Both institutions provide financing, policy advice, and technical assistance to governments of developing countries.