![](https://ep-bd.com/assets/images/ep-bd-Bangladesh_Receives__900m_WB_Financing_to_Increase_Economic__Urban_Resilience.jpg)
The World Bank (WB)'s Board of Executive Directors on June 21, 2024 approved two projects totaling US$900 million to help Bangladesh strengthen fiscal and financial sector policies and improve urban infrastructure and management to ensure sustainable and climate-resilient growth.
"Decisive reforms will help Bangladesh sustain growth and strengthen resilience to climate change and other shocks," said Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan.
"These new financing operations will help Bangladesh in two critical areas--the financial sector and urban management-- to achieve its vision of upper middle-income status," he added.
The Second Recovery and Resilience Development Policy Credit ($500 million)- the last in a series of two credits-supports fiscal and financial sector reforms to accelerate sustainable growth and build resilience to future shocks, including climate change, said a press release.
The program supports the transition from trade taxes to consumption and income taxes, which will help Bangladesh strengthen competitiveness and prepare for LDC graduation.
It will help institutionalize the public procurement authority responsible for the electronic government procurement (e-GP system), which will cut down the average e-GP procurement lead time from 70 days to 55 days.