Govt inks $295m loan deal with WB
The loan is repayable in 34 years with a grace period of 4 years
The government has penned a $295 million loan agreement with the International Development Association (IDA) of the World Bank Group to implement the Enhancing Digital Government & Economy (EDGE) project.
The Scale Up Facility (SUF) loan, signed on 9 January, will be implemented by the Bangladesh Computer Council under the ICT Division, read a press statement from the finance ministry.
Ms Fatima Yasmin, secretary at the Economic Relations Division (ERD) and Ms Mercy Miyang Tembon, country director of the World Bank, signed the financing agreement on behalf of their respective sides.
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The loan comes with a repayable tenure of 34 years and 4-year grace period for the EDGE project, which is to be implemented between 1 January, 2022 and 31 December, 2026.
The objectives of the Project are to improve cyber security, build resiliency during future crises, reduce vulnerabilities from the pandemic, prepare for the Fourth Industrial Revolution and will enable the government to operate virtually to deliver critical public services to citizens and businesses.
The project will also help digitalise small and medium enterprises and strategic industries and to establish a Digital Leadership Academy to create opportunities for research and development.
