World Bank Approves $1.1 Billion Loan for Bangladesh to Strengthen Food Security and Crisis Response

The World Bank's Board of Executive Directors has approved $1.1 billion in financing for Bangladesh to help ensure food security and support vulnerable households and businesses amid rising global prices of fertilizer, fuel, and food linked to the West Asia crisis.

According to a World Bank press release issued on Friday, the funding will support two separate projects.

Under the Emergency Food Security Support Project, $300 million has been allocated to help Bangladesh import fertilizer needed for the upcoming Aman and Boro cropping seasons, aiming to safeguard agricultural production and food supplies.

In addition, the World Bank has approved $713 million under the Emergency Response Project.

The financing will provide cash assistance to vulnerable families as well as micro, small, and medium-sized enterprises (MSMEs), helping protect jobs, sustain livelihoods, and maintain economic activity during the ongoing crisis.

The project will also finance the import of oil and gas required to ensure the uninterrupted delivery of essential services, including food distribution, healthcare, medicines, medical equipment, electricity, and water supply.

The World Bank said the full amount of the approved financing is expected to be disbursed by next Wednesday.