Sunday, 23 January, 2022

WB to give $295m SUF loan to Bangladesh

  • Staff Correspondent
  • 9th January, 2022 07:23:37 PM
  • Print news
WB to give $295m SUF loan to Bangladesh

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The World Bank’s soft low window is giving $295 million Scale Up Facility (SUF) loans to Bangladesh for implementing an important digitization project

A financing agreement was signed between Economic Relations Division (ERD) and the World Bank on Sunday.

The money will be utilized for implementing Enhancing Digital Government & Economy (EDGE) project.

Bangladesh Computer Council under ICT Division will implement it during January 2022 to December 31, 2026.

ERD Secretary Fatima Yasmin and WB Country Director Mercy Miyang Tembon, signed the financing agreement on behalf of their respective sides, says an ERD release.

The objectives of this project are to improve cyber security, build resiliency during future crises, reduce vulnerabilities from the pandemic and prepare for the Fourth Industrial Revolution.

It will enable the government to operate virtually to deliver critical public services to citizens and businesses.

The project will also help to digitalise small and medium enterprises and strategic industries and to establish a Digital Leadership Academy to create opportunities for research and development.

The loan is repayable in 34 years with a grace period of 04 years. The front- end fee is 0.25 percent, commitment charge is 0.25 percent and the interest charge is URIBOR+0.98 percent.