Bangladesh: World Bank Helps Microenterprises Access to Clean Energy, Green Technologies

Stocks and Financial Services Press Releases Thursday May 17, 2018 09:10
Dhaka--17 May--World Bank
Dhaka, May 16, 2018 — The government of Bangladesh today signed a financing agreement with the World Bank to help microenterprises adopt cleaner technologies.

The $110 million Sustainable Enterprise Project will help about 20,000 microenterprises adopt environmentally friendly practices in the manufacturing and agribusiness sectors. It will provide loans to microenterprises for innovative, environmentally sustainable technologies and practices.

"Around the globe, we have seen that investing in clean, green, and climate resilient technologies helps countries reduce poverty and achieve sustainable growth," said Qimiao Fan, Country Director for Bangladesh, Bhutan, and Nepal. "The Project will help Bangladesh create quality jobs, improve competitiveness, and boost growth while improving environmental sustainability and resilience to climate change."

Half of the country's population depend for livelihoods on 7 million existing microenterprises. But 90 percent of these negatively impact the environment. For example, a 2014 survey shows only 6 percent of microenterprises disposed solid wastes properly. The project will help microenterprise clusters use cleaner technologies and shared amenities to reduce pollution and become less vulnerable to climate change. It will promote basic safety standards, certify eco?labeled products, and introduce new, resource?efficient technologies.

"In recent years, the government of Bangladesh has taken concrete steps to promote a greener, cleaner, and more climate?resilient economy," said Kazi Shofiqul Azam, Secretary, Economic Relations Division, Government of Bangladesh. "This project will contribute to faster and more sustainable growth."

The agreements were signed by Kazi Shofiqul Azam and Qimiao Fan on behalf of the government and the World Bank, respectively, at the Economic Relations Division.

The credit is from the International Development Association, the World Bank's concessional lending arm, which provides grants or zero-interest loans. The credit has a 38-year term, including a six-year grace period, and a service charge of 0.75 percent.

The World Bank was among the first development partners to support Bangladesh following its independence. Since then the World Bank has committed more than $28 billion in grants and interest-free credits to the country. In recent years, Bangladesh has been among the largest recipients of the World Bank's interest-free credits.


Latest Press Release

CIMB THAI posts THB 537.4 million net profit for 9M2018

Mr. Kittiphun Anutarasoti, President and Chief Executive Officer of CIMB Thai Bank PCL, stated that according to the unreviewed consolidated financial results for the nine months ended 30 September 2018, CIMB Thai group recorded a consolidated net profit...

Bangkok Bank encourages customers to use digital banking instead of branch counters while increasing the efficiency of its CDMs to enable bill payments, top ups and cash change

Bangkok Bank invites customers to use digital channels for transactions to reduce the amount of transactions at their branches in order to save costs and capture new customers. The bank has recently kicked off its project to increase the efficiency of...

TMB strengthens its leading position in mutual fund service by partnering with Eastspring.

TMB strengthens its leading position in mutual fund service by partnering with Eastspring. With THB12 bn gain from TMBAM deal, pre-provision operating profit for the 9 months rose 76% to THB26,360 million. The Bank also set higher provision in...

KASIKORNBANK announces the nine-month period of 2018 net profit of Baht 31,426 Million

Mr. Pipit Aneaknithi, President of KASIKORNBANK, said KASIKORNBANK announced net profit for the nine-month period of 2018, KBank and its subsidiaries reported net profit of Baht 31,426 Million, an increase of Baht 2,795 Million or 9.76% over the same...

World Bank Group launches new multi-donor fund in support of SDG implementation

WASHINGTON, Oct. 18, 2018 - Today, the World Bank Group launched the Partnership Fund for the Sustainable Development Goals (SDG Fund) in support of global efforts to meet the SDGs. The aim of the multi-donor SDG Fund is to incentivize catalytic...

Related Topics