Bangladesh is eligible to receive more loans from the World Bank in the next three years. Currently, the agency allocates USD750 million to programs in the Asian nation and the goal is to bring the total to USD1.3 billion yearly. “The sharp rise in food prices has had a serious impact on food consumption and nutrition levels of poor people in Bangladesh, and also oil price hikes have pressured the budget,” according to Praful Patel, the bank’s vice president for South Asia. The additional funding aims to “help Bangladesh to face increased prices of products like food, oil and fertilizer and will also cushion (the) budget deficit,” he explained.
Source: World Bank to double annual loans to Bangladesh (Reuters)