Bangladesh receives assistance from the World Bank to finance new project

Bangladesh receives assistance from the World Bank to finance new project

The World Bank administered a $240 million financing agreement to the Bangladesh government for The Sustainable and Marine Fisheries Project. The agreement was signed earlier today by Zahid Hussain, World Bank Acting Country Director for Bangladesh, and Kazi Shofiqul Azam on behalf of the Bangladesh government at the Economics Relations Division.

Qimiao Fan, World Bank Country Director for Bangladesh, Bhutan, and Nepal commented:

“In the last decade, the fisheries sector account for around 4 percent of Bangladesh’s economy and is the country’s second largest export earning sector after garments. World Bank financing will aim to expand coastal fisheries with the goal of further increasing the fisheries sector’s contribution to the economy.”

The project aims to strengthen management systems, improve fisheries, and support reforms in fisheries policies and regulations. In order to adopt supplementary and alternative livelihoods, community co-management associations and fishing communities will be set up to collaborate with one another. The project will aid the Bangladesh government in conducting assessments and stock surveys for sea fish and shrimp stocks along with improving monitoring systems for artisanal and industrial fisheries.

In response to creation of The Sustainable and Marine Fisheries Project, Kazi Shofiqul Azam said:

“For Bangladesh, the fisheries sector is a major driver for growth. The marine and coastal fisheries have significant potential for sustainable and higher production. The project will directly contribute to Bangladesh’s Blue Economy Initiatives.”

Since Bangladesh gained its independence, the World Bank has been one of its first development partners and has given the country interest-free credits and $29 billion in grants over the years.  

Photograph: Agriculture and Farming/tusharphoto

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