WB approves $1.05b for Bangladesh to create top quality jobs, react to pandemic

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WB approves $1.05b for Bangladesh to create top quality jobs, react to pandemic
The World Lender yesterday approved $1.05 billion for three tasks to greatly help Bangladesh create quality jobs and accelerate monetary recovery from the Covid-19 pandemic along with build resilience to future crises.

"This is a fantastic response to an unprecedented crisis. The Covid-19 pandemic provides deeply jeopardised a lot of Bangladesh's impressive achievements in poverty reduction and shared prosperity, incorporating livelihoods of its people," said Mercy Tembon, Universe Bank Region Director for Bangladesh and Bhutan.

"These projects can help the people and the market bounce again by creating more and better careers and promoting direct non-public investment in specialised financial zones while enhancing the foundations for an electronic economy."

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 create 150,000 careers, of which a share will be dedicated to women -- about 40 percent in computer software parks and 20 percent in monetary zones.

It will develop the Bangabandhu Sheikh Mujib Shilpa Nagar II found in Mirsarai-Feni, including road networks with stormwater drainage, solar-powered streetlights, climate-resilient water, sanitation, and electric power network. The project will also establish Dhaka's initial digital entrepreneurship hub in the Janata Computer software Technology Park and transform it into a green setting up. By attracting domestic and foreign individual investment, incorporating in the IT and ITES sectors, the task will help the overall economy to rebound from the impacts of Covid-19.

The $295 million Enhancing Digital Government and Economy (EDGE) Project will establish a, cloud-computing digital platform for all government agencies and improve cyber-security, that may lead to savings of $200 million in the general public sector's IT investments. Even more, it will build resiliency during future crises, whereby the program will enable the government to use nearly and deliver critical public services to residents and businesses.

The project will create 100,000 jobs, with a special give attention to women, train 100,000 youth in digital and disruptive technologies, and set up a digital leadership academy and centres of excellence. It will help raise the revenues of IT firms by $300 million and promote local IT organizations in international markets.

To lessen vulnerabilities from the pandemic and plan the Fourth Industrial Revolution, the project will help digitalise small and moderate enterprises and strategic sectors.

The $250 million Second Programmatic Jobs Development Insurance policy Credit will generate fiscal space to aid the government's response to the Covid-19 crisis, while helping restoration and establishing resiliency of the economy, of employees and of vulnerable populations to future shocks.

The financing can help Bangladesh to create large-scale jobs for citizens, including women, youth, and migrant workers. The job -- second in a programmatic group of three -- facilitates reforms to modernise the trade and investment regime, build a more powerful system of expanded safe practices nets and labor protections, and help vulnerable populace access better jobs, especially during crises.

The World Bank is one of the first development partners to support Bangladesh following its independence.

Bangladesh currently has among the major IDA programmes totaling more than $13 billion. Since independence, the World Lender has committed a lot more than $31 billion in grants, interest-no cost, and concessional credits to the united states.
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