The World Bank will provide $100.5 million to improve public spaces and urban services in four large neighborhoods under the Dhaka South City Corporation (DSCC) benefitting about a million residents.

“Economic Relations Division (ERD) Additional Secretary M Zahidul Haque and World Bank Acting Country Director Zahid Hussain will sign the agreement  today on behalf of their respective sides at the NEC Conference Room-2 in the city’s Sher-e-Bangla Nagar Area,” said an ERD official.

The credit from the World Bank’s International Development Association (IDA), which provides concessional financing, has a 30-year term, including a five-year grace period and an interest rate of 1.25 per cent with a service charge of 0.75 per cent.

The official told the news agency that the Dhaka City Neighborhood Upgrading Project will enhance livability of the selected neighborhoods by improving selected public open spaces such as parks, playgrounds, waterfronts, streets, sidewalks and public buildings, such as community centers with integrated public facilities.