Covid-19 vaccine, economic recovery: Bangladesh seeks $1b loan from World Bank

Bangladesh has sought the financial support of USD one billion from the World Bank for Covid-19 vaccine, economic recovery and budget support.

Finance Minister AHM Mustafa Kamal requested for the loan assistance while taking part in the World Bank-IMF annual meeting 2020 on October 22 evening, the finance ministry said in a press release today.

Of the loan assistance, $500 million was sought for purchasing, storing, transporting and distributing Covid-19 vaccine in the country. USD 250 million was sought in the current fiscal year from the $500 million allocated earlier for the proposed “Covid-19 Recovery and Response” on an emergency basis to offset the multifaceted damages caused by Covid-19, it said.

Besides, Bangladesh has requested the third instalment of $250 million as budget support under the World Bank’s “Programmatic Jobs Development Policy Credit (DPC)” project in the current fiscal year, the finance ministry said.

The Bangladesh delegation led by Finance Minister AHM Mustafa Kamal and the World Bank delegation led by Hartwig Schafer, World Bank vice president for the South Asia region, participated in the virtual meeting.

On behalf of Bangladesh, the secretary of Finance and the secretary of the Department of Economic Relations took part in the discussion, the ministry said.

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