Bangladesh seeks US$2 billion loan from World Bank to fund ambitious climate change plan
- The country’s Delta Plan 2100 involves 80 projects such as land reclamation, construction of embankments, and creation of safe navigation channels
- Bangladesh invests 0.8 per cent of its GDP in water-related projects, which will have to rise to about 2.5 per cent by 2030 to meet the plan’s demands
Now, the country expects the World Bank to approve US$2 billion in loans to fund its ambitious climate adaptation plan, with the first instalment coming early next year.
“Talks have reached the final stage as Bangladesh is seeking funds from international donors. The World Bank is just one,” Shamsul Alam, senior secretary of Bangladesh Planning Commission, said in an interview. The Japanese International Cooperation Agency has also been approached.
The World Bank funds will go toward Delta Plan 2100, which aims to minimise the damage the country’s rivers and estuaries can cause during flooding events.
“Continued river erosion displaces about tens of thousands of people every year,” said Mercy Tembon, World Bank country director for Bangladesh.
The country’s proposal combines water and land management with economic development projects, which will “reduce poverty and open up economic opportunities”, Tembon added.
