Dhaka: The World. Bank has signed two financing agreements with Bangladesh, providing $850 million to support job creation trade expansion, and modernization of the social protection system.
The agreements were signed at the World Bank headquarters in Washington. Shahriar Siddiqui, Secretary of Bangladesh’s Economic Relations Division, represented Bangladesh, while Gail Martin, Interim Country Director for Bangladesh, signed on behalf of the World Bank. Dr. Salehuddin Ahmed, Economic Advisor to Bangladesh’s government, and Martin Raiser, Vice President for South Asia at the World Bank, were also present.
Bay Terminal Marine Infrastructure Development Project – $650 million will be invested to enhance deep-sea port capacity, improve ship handling efficiency, and reduce transportation costs. The upgraded port will allow larger vessels to dock, strengthening Bangladesh’s regional and international trade connectivity.
World Bank officials estimate that the improved terminal will accelerate Bangladesh’s export sector while saving nearly $1 million daily in logistical costs. Additionally, the project aims to increase female participation in port operations, creating opportunities for women entrepreneurs and port workers.
Strengthening Social Protection for Improved Resilience, Inclusion, and Targeting (SSPIRIT) Project – $200 million will be allocated to modernize social protection systems, benefiting 4.5 million people, including youth, persons with disabilities, women, and workers in climate-vulnerable regions.
A modern national social registry will be established to identify genuine beneficiaries and efficiently distribute aid. The initiative will also support job creation through skill development, entrepreneurship programs, microfinance, and advisory services, aiming to create employment for 2.5 million individuals.
Shahriar Siddiqui, ERD Secretary, stated, “Bangladesh has a long-standing partnership with the World Bank, which plays a crucial role in ensuring inclusive economic growth. These projects are vital for climate resilience and a prosperous future.”
Gail Martin, Interim Country Director at the World Bank, commented, To maintain sustainable growth, Bangladesh must create quality jobs for its workforce, particularly for the 2 million young individuals entering the labor market each year. This financial package will be a game-changer by enhancing trade, export competitiveness, and strengthening social protection programs.”
The agreements mark another strategic collaboration between Bangladesh and the World Bank, ensuring socioeconomic development, employment generation, and enhanced trade opportunities.
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