PI Global Investments

WB okays $500m loan to build flood shelter, other infrastructure    

The World Bank on Friday approved a loan worth $500 million for Bangladesh to construct some 500 multipurpose flood shelter, access roads and climate-resilient community infrastructure.

In normal times, the flood shelter will operate as primary schools and will be equipped with solar energy system, water, sanitation, and hygiene facilities, said the WB in a press release.

It added that the credit under the Resilient Infrastructure for Adaptation and Vulnerability Reduction Project would help save lives and property in the highly flood-prone districts in the Teesta-Brahmaputra-Jamuna, Padma, and Surma-Meghna river basins.

The multipurpose flood shelter will be built in Nilpamari, Lalmonirhat, Kurigram, Rangpur, Gaibandha, Bogura, Pabna, Sirajganj, Rajbari, Faridpur, Gopalganj, Madaripur, Sunamganj and Habiganj.

The project will also support the Bangladesh Delta Plan 2100, a long-term plan to achieve a safe, climate-resilient and prosperous delta, as well as the World Bank Group’s Climate Change Action Plan 2021-2025.

The credit is from the World Bank’s International Development Association, which provides concessional financing, and has a 30-year term, including a five-year grace period.

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