What is your impression of Bangladesh from your first visit?
I was very impressed with the development that Bangladesh has made over time; attending the Ending Poverty Day was a truly honorable experience. I traveled to the Barisal district to witness how Bangladesh is tackling the challenge of climate change; this first-hand experience provided the best insight into how such matters were being taken care of. A memorable part of my time would have to be when I had seen a home with solar panels during my tour. This is an example of how Bangladesh is utilizing its resources in order to bring about a better and more environmentally friendly tomorrow. Furthermore, the nation is emphasizing women’s empowerment, and focusing on strengthening leadership both inside and outside the government.
How is the World Bank and Bangladesh working together towards creating a better nation?
Bangladesh is the largest recipient from our International Development Association (IDA), which funds the poorest countries of the world. We intend to work with Bangladesh and support them in their endeavor to create a progressive nation. Our relationship has flourished over the years and the World Bank would like to state that we are with Bangladesh 100% of the way. Additionally, the International Finance Corporation (IFC) is working to further develop the nation with an investment of $635 million last year. Our commitment of $2 billion in the next three years is to combat extreme poverty and climate change. The nation is extremely vulnerable to the detrimental effects of climate change. I believe that we must do everything that we can in order advance climate change adaptation and end poverty by 2030. Bangladesh has set a goal to become a middle-income nation and we must see to this. Foreign Direct Invest (FDI), strengthening institutional capacity and more invest in private sector infrastructure in the 7th Five Year Plan is imperative. The plan must also emphasize the capacity of a strong civil and judiciary service, public bank policies and zero tolerance for corruption.
“The World Bank is the largest multilateral donor agency in the world with 189 members across the world. We want to use our network to bring international attention to the Bangladesh’s potential.”
Bangladesh is moving forward through four mega transitions through industrial, urban, demographic and technological shifts. What are the challenges for Bangladesh? How is World Bank offering their support?
During a time when globalization is a tool of progress, every country must understand their rankings with the other nations of the world. Bangladesh needs to progress internally in order to retain a competitive edge against neighboring nations. The World Bank is the largest multilateral donor agency in the world with 189 members across the world. We want to use our network to bring international attention to the Bangladesh’s potential. Through the country’s progress, other nations will be inspired for a better tomorrow. We will provide interest friendly loans to Bangladesh until they become a developed nation. The Prime Minister and I have previously discussed matters beyond climate change and poverty. We also want to focus on greater progress in women’s health, combating diarrhea and those diseases related to it, and defeating tuberculosis.
Given that you are providing extensive loans to Bangladesh, are there any conditions for these loans?
Every loan taken from the IFC is negotiated with the respective government or private sector that is taking the loan. We are very clear regarding the conditions and requirements that we impose on a loan. Our transparency is apparent in the thriving relationship with Bangladesh. The nation is very regulated with its payments to the Bank. In addition, the representative for Bangladesh in the World Bank is extremely efficient and professional. This allows us to properly arrive at a loan agreement that will suit both of our purposes.
You have visited the coastal regions of Bangladesh. As a development economist, could you elaborate on your first-hand experience?
During my visit to Barisal, I was thoroughly impressed while speaking with the female students of the city; they were all focused on becoming educated professionals before they plan to get married. Moreover, they are creating a cyclone shelter that will be able to house the people and animals. This will function as a shelter during times of disaster and a school during less turbulent times. Considerations towards building provision against such disaster are commendable and should be seen as a source of inspiration.
You have discontinued financing the Padma Bridge due to allegations of corruption. Would you continue this disposition or focus your resources elsewhere?
In next five years, the World Bank will concentrate on human development, expanding renewable energy, inland water transportation, logistic support, regional and international integration and within the region especially India, Bangladesh, and Nepal. In addition, supporting urbanization for next development phase will witness lead to the greater demand for higher quality living standards. Private sector investors believe that it is conducive to greater investment in order to increase the involvement of the IFC. From our part, we would like to bring technical assistance of power improvement, and expert experience from Europe. In regards to corruption, we have a zero tolerance policy. This is why we promote and embody the ideas of transparency and the Prime Minister has fully cooperated with us on every effort. She is continually working to eradicate corruption from the system.
* This interview is based on the press briefing during Dr. Jim Yong Kim’s visit to Bangladesh.
