The World Bank has endorsed a new Country Partnership Framework (CPF) "> The World Bank has endorsed a new Country Partnership Framework (CPF) "> The World Bank has endorsed a new Country Partnership Framework (CPF) ">

Times of Dhaka

Home» Economy »WB endorses new employment emphasized framework for assisting BD
WB endorses new employment emphasized framework for assisting BD
Online Desk |:| Sat, 09 Apr'2016, 2:23 AM |:| Online Version
WB endorses new employment emphasized framework for assisting BD
The World Bank has endorsed a new Country Partnership Framework (CPF) to help Bangladesh achieve its vision of reaching the middle-income country status by 2021.

The CPF for 2016-2020, 5-year period will help the country reduce poverty and boost shared prosperity, said a media release.

The World Bank Board has also approved additional $130 million financing to the Private Sector Development Support Project to increase assistance to new economic zones in Bangladesh, as well as $50 million for the Pro-Poor Slums Integration Project to pilot a community-based approach to improve living conditions in urban slums.

With these projects, IDA’s current support in Bangladesh stands at around $9 billion with 37 projects. The IFC has an $861 million portfolio and MIGA $251 million.

The press release said CPF will help Bangladesh create more and better jobs for the 2.1 million youths entering the job market every year.

The CPF is aligned with the government’s seventh Five Year Plan and the Bank Group’s Systematic Country Diagnostic (SCD) for Bangladesh, which offers a comprehensive analysis of the country’s development challenges.

The CPF proposes an accelerated programme of technical and financial support focusing on three broad objectives—accelerating growth, fostering social inclusion, and strengthening climate and environmental management.

“Despite daunting challenges, Bangladesh has made remarkable progress in reducing poverty and advancing growth and development. But the country can do better,” said Qimiao Fan, World Bank Country Director for Bangladesh, Bhutan and Nepal.

The CPF expands collaboration between Bangladesh and Bank Group citing that institution’s financing will include soft loans and grants to the government from IDA, private-sector financing from the International Finance Corporation (IFC), and investment insurance from the Multilateral Investment Guarantee Agency (MIGA).

To prepare the CPF, the World Bank Group held two rounds of extensive countrywide and online consultations with major stakeholders, including the government, the private sector, civil society, think tanks, academia, media, and other development partners.

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