Bangladesh signs deal with WB on development support credit

The Bangladeshi government signed here Saturday an agreement with the World Bank on the fourth development support credit (DSC IV) of 200 million U.S. dollars in policy-based lending to bolster the country's ongoing reform efforts.

The World Bank's Board of Directors approved the loan at its meeting in Washington DC on May 29, raising the total disbursement in policy-based lending for Bangladesh to 1.1 billion U.S. dollars since 2003.

The DSC IV operations support implementation of the government's development strategy as laid out in its Poverty Reduction Strategy Paper (PRSP).

In particular, the DSC-supported reforms are strengthening core governance functions with emphasis on reforms in public procurement, budget formulation and execution, and tax administration.

It also supports improving the investment climate by maintaining macroeconomic stability, strengthening performances of banking and energy sectors and state-owned enterprises.

Source: Xinhua