Kim’s visit creates positive vibes in WB-Bangladesh relations

World Bank (WB) Group president Jim Yong Kim’s recent visit to Bangladesh evoked positive reactions and improved the country's relation with the global lender, economists and experts have said.
“The WB’s recognition of Bangladesh’s achievement in poverty reduction will send out a positive signal to the world,” said Centre for Policy Dialogue (CPD) executive director Dr Mustafizur Rahman.
Rahman also said that the relation between Bangladesh and the WB had been strained over the Padma Bridge scam. But now the WB wants to be a partner in Bangladesh’s achievement in poverty reduction, he added.
“The WB has been the country’s largest development partner since the liberation of Bangladesh,” he observed.
Rahman said though the WB was not funding infrastructure development, it was giving 
support in the social sector in addition to those offered by China, India, the JICA and the Asian Development Bank.
About announcements made by the WB president, Rahman said a USD 2 billion commitment for climate-related projects in the next three years was something Bangladesh urgently needed. 
Dr Ahsan H Mansur, executive director of Policy Research Institute, felt the WB president’s visit was positive and proved its role as a reliable development partner. He said the WB should provide support in infrastructure development. 
He said also the opening of a new window for the climate fund was vital for Bangladesh—a country vulnerable to climate change.
Huge sums of money were needed to face climate change challenges in Bangladesh, he added.
Mansur said the government should make preparations to utilise the money and ensure transparency. It was regrettable that outsiders should get the scope to raise doubts about transparency in project implementation, he added.
Former Planning Commission member Arostoo Khan, who had a long stint at the World Bank, described the visit as “significant”.
“The WB is still a large development partner of Bangladesh,” he said, adding that the visit of the WB group president proved that Bangladesh was in the global lender’s good books.
He also said the WB had worked itself out of the bitter relations following the Padma Bridge controversy and wanted to propel Bangladesh’s development, the official stance of the WB.
On Monday, finance minister AMA Muhith emphasised that the trouble with the WB regarding Padma Bridge a few years ago was over. “Now we have good relations… we expect more assistance from the WB,” he said. 
In response to a similar query, the WB president said the bank would give USD 1.2 billion (bridge funding) for climate-related financing in Bangladesh.
In the next three-year cycle, the amount of loans will be increased globally to 15 per cent, and, as Bangladesh was one of the largest recipients, it would also enjoy the benefits of the increase, 
Kim said.
The WB on Sunday pledged to provide Bangladesh USD 1 billion over the next three years to combat malnutrition among children.
Besides, Kim on Tuesday pledged USD 2 billion over the next three years in new funding to help the country reduce its vulnerability to climate change.
“Bangladesh is among the countries most at risk from the impacts of climate change. We must confront climate change now, as it hits the poor the hardest,” said Kim.
“Bangladesh has been a forerunner in adaptation and stronger disaster-coping mechanisms, and these have reduced the impact of recent storms, cyclones, and floods. The WoB Group plans to help Bangladesh become even more resilient to climate change,” he added.
He cited three areas the government could address in order to succeed. The first was to introduce policy reforms improving the business climate. “Now foreign direct investment in Bangladesh lags behind its neighbours; if the country attracts more investment from the private sector, it will be able to mobilise funds necessary for infrastructure projects," he said.
 “Second, as the government correctly pointed out in its 7th Five-Year Plan, the country needs to strengthen its institutional capacity," he mentioned.
“Third, the five-year plan also importantly emphasises the needs to strengthen governance, which includes building a strong civil service, judiciary, public banks, tax collection and anti-corruption commission," said the WB president.
 “We share Bangladesh’s zero tolerance for corruption, believing strongly that any fund diverted from beneficiaries amounts to stealing from the poor,” he added. 

Kims visit creates positive vibes in WB-Bangladesh relations

World Bank (WB) Group president Jim Yong Kims recent visit to Bangladesh evoked positive reactions and improved the countrys relation with the global lender, economists and experts have said. The WBs recognition of Bangladeshs achievement in poverty reduction will send out a positive signal to the world, said Centre for Policy Dialogue (CPD) executive director Dr Mustafizur Rahman. Rahman also said that the relation between Bangladesh and the WB had been strained over the Padma Bridge scam. But now the WB wants to be a partner in Bangladeshs achievement in poverty reduction, he added. The WB has been the countrys largest development partner since the liberation of Bangladesh, he observed. Rahman said though the WB was not funding infrastructure development, it was giving support in the social sector in addition to those offered by China, India, the JICA and the Asian Development Bank. About announcements made by the WB president, Rahman said a USD 2 billion commitment for climate-related projects in the next three years was something Bangladesh urgently needed. Dr Ahsan H Mansur, executive director of Policy Research Institute, felt the WB presidents visit was positive and proved its role as a reliable development partner. He said the WB should provide support in infrastructure development. He said also the opening of a new windowfor the climate fund was vital for Bangladesha country vulnerable to climate change. Huge sums of money were needed to face climate change challenges in Bangladesh, he added. Mansur said the government should make preparations to utilise the money and ensure transparency. It was regrettable that outsiders should get the scope to raise doubts about transparency in project implementation, he added. Former Planning Commission member Arostoo Khan, who had a long stint at the World Bank, described the visit as significant. The WB is still a large development partner of Bangladesh, he said, adding that the visit of the WB group president proved that Bangladesh was in the global lenders good books. He also said the WB had worked itself out of the bitter relations following the Padma Bridge controversy and wanted to propel Bangladeshs development, the official stance of the WB. On Monday, finance minister AMA Muhith emphasised that the trouble with the WB regarding Padma Bridge a few years ago was over. Now we have good relations we expect more assistance from the WB, he said. In response to a similar query, the WB president said the bank would give USD 1.2 billion (bridge funding) for climate-related financing in Bangladesh. In the next three-year cycle, the amount of loans will be increased globally to 15 per cent, and, as Bangladesh was one of the largest recipients, it would also enjoy the benefits of the increase, Kim said. The WB on Sunday pledged to provide Bangladesh USD 1 billion over the next three years to combat malnutrition among children. Besides, Kim on Tuesday pledged USD 2 billion over the next three years in new funding to help the country reduce its vulnerability to climate change. Bangladesh is among the countries most at risk from the impacts of climate change. We must confront climate change now, as it hits the poor the hardest, said Kim. Bangladesh has been a forerunner in adaptation and stronger disaster-coping mechanisms, and these have reduced the impact of recent storms, cyclones, and floods. The WoB Group plans to help Bangladesh become even more resilient to climate change, he added. He cited three areas the government could address in order to succeed. The first was to introduce policy reforms improving the business climate. Now foreign direct investment in Bangladesh lags behind its neighbours; if the country attracts more investment from the private sector, it will be able to mobilise funds necessary for infrastructure projects, he said. Second, as the government correctly pointed out in its 7th Five-Year Plan, the country needs to strengthen its institutional capacity, he mentioned. Third, the five-year plan also importantly emphasises the needs to strengthen governance, which includes building a strong civil service, judiciary, public banks, tax collection and anti-corruption commission, said the WB president. We share Bangladeshs zero tolerance for corruption, believing strongly that any fund diverted from beneficiaries amounts to stealing from the poor, he added.