The World Bank is lending another 30 crore dollars to Bangladesh. Bangladesh will use this money to fight against the COVID-19 crisis. A 30-crore dollars loan agreement has been signed under the Local Government COVID-19 Response and Recovery Project. The Local Government Engineering Directorate under the Local Government Department will implement the project. The implementation period of the project is till December 2025.
An agreement was signed between the Bangladesh government and the World Bank on Sunday (7 August). It was signed by Sharifa Khan, Secretary of the Economic Relations Department (ERD) on behalf of Bangladesh, and Mercy Tembon, Country Director of Bangladesh and Bhutan, on behalf of the World Bank.
The loan will be taken in World Bank’s Special Drawing Rights (SDR) currency and will have to be repaid within 30 years with a grace period of five years. However, service charges at the rate of 0.75% and interest at the rate of 1.25% will have to be paid annually on the loan.
