Dhaka, Apr 24 (V7N)- Bangladesh and the World Bank have signed two major financing agreements totaling $850 million to support the construction of the Bay Terminal in Chittagong, create quality jobs, and modernize the country’s national social protection system aimed at inclusive economic growth.

The agreements were signed on Wednesday (April 23) in Washington, DC, by Md. Shahriar Quader Siddiqui, Secretary of the Economic Relations Division (ERD), Ministry of Finance, and Gail H. Martin, Acting Country Director for the World Bank.

Present at the signing ceremony were Dr. Salehuddin Ahmed, Financial Advisor to the Government of Bangladesh, and Martin Reiser, Vice President of the World Bank for South Asia, according to a World Bank press release.

  • $650 million will be allocated to the Bay Terminal Marine Infrastructure Development Project, aimed at increasing the capacity and efficiency of Chittagong Port, Bangladesh’s principal seaport. The project will include:

    • Construction of a 6-kilometer climate-resilient breakwater

    • Development of access channels and other essential port infrastructure

    • Reduction of transportation costs and turnaround time to improve export competitiveness

  • $200 million will go to the Social Protection Strengthening Project, which seeks to:

    • Modernize Bangladesh’s social safety net

    • Support vulnerable populations, particularly unemployed and underemployed youth

    • Prepare future workers with skills and protection for labor market participation

Gail H. Martin said,

“With around two million youth entering the labor market every year, sustainable growth in Bangladesh depends on creating quality jobs. This financing package is a game changer—enhancing trade, boosting export competitiveness, and ensuring the most vulnerable are not left behind.”

ERD Secretary Shahriar Quader Siddiqui remarked,

“The World Bank has been a long-term development partner of Bangladesh. These projects are crucial for ensuring climate resilience and moving our country toward a more inclusive and prosperous future.”

The funding comes from the International Development Association (IDA), the World Bank’s concessional arm, which provides interest-free and low-interest loans to developing countries. Since Bangladesh’s independence, the World Bank has committed over $45 billion to support the country’s development journey.

This latest agreement strengthens the enduring partnership between Bangladesh and the World Bank, focusing on infrastructure modernization, social equity, and inclusive growth.

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