The Bangladesh government yesterday signed an agreement with the World Bank to get $140mn credit to improve and strengthen critical disaster prevention infrastructure in the coastal
areas of the country.
The loan for the second additional financing of the Emergency 2007 Cyclone Recovery and Restoration Project (ECRRP) is from the International Development Association (IDA), the World Bank’s grant and low interest arm, said the Washington-based lender in a statement yesterday,
Xinhua reported.
It said the original ECRRP covered a portion of recovery and restoration costs and targeted the most immediate needs in the recovery and restoration of livelihoods and critical infrastructure damaged after Cyclone Sidr in 2007.
Additional damage from Cyclone Aila in 2009 necessitated further financing for the existing project to help those affected, it added.
Arastoo Khan, additional secretary in Bangladesh’s economic relations division, and Johannes Zutt, World Bank country director in Bangladesh, signed the agreement on behalf of their respective sides.
“These recurring natural disasters, with increased severity and unpredictability, remind us that Bangladesh is among the countries most affected by climate change,” said Zutt.
“We are providing additional financing to help the coastal communities strengthen their ability to cope with future calamities through disaster preparedness.”
Khan said: “We welcome the additional financing as it will support the preparation of a 15-year government program for disaster risk reduction.”
“This is a vital initiative to reduce Bangladesh’s vulnerability to natural disasters and climate change impacts in the long run, saving thousands of lives facing the threat of more frequent and severe calamities.”
With this second additional financing, the World Bank said it is providing total support of $324mn for ECRRP.
The project also has $25mn support from the Bangladesh Climate Change Resilience Fund, $2.96mn from the Global Facility for Disaster Reduction and Recovery and $4.86mn from the German Development Bank (KFW).