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Bangladesh will use $130 million from World Bank to create jobs

Staff writer ▼ | June 20, 2016
Bangladesh signed a 130 million additional financing agreement with the World Bank to scale up support for new economic zones to attract investment and create more jobs in the manufacturing sector.
New jobs   The Private Sector Development Support Project
The additional financing to the Private Sector Development Support Project (PSDSP) will help develop new Economic Zones through identifying, licensing, and negotiating Public-Private Partnership for economic zone development, said the Washington-based lender in a statement.

In the last two years, it said PSDSP helped with the licensing of 16 Economic Zones and Hi-Tech Parks, and with the assessment of 33 new sites for development as Economic Zones over the next several years.

"Bangladesh needs to create more and better jobs in the manufacturing sector to accelerate growth and poverty reduction. The economic zones play a critical role in attracting private investment and creating jobs, as the benefits are many.

For example, the new zones have reduced the time to register a business by 82 percent." said Rajashree Paralkar, acting World Bank country director for Bangladesh.

"The financing will directly contribute to the government's vision of establishing 100 zones over the next 15 years and promoting socially and environmentally responsible industrial growth for Bangladesh."

According to the World Bank statement, the financing will also help construct off-site infrastructure and works, such as land filling, construction of access roads, utilities networks, buildings and rail landings; and zone-specific infrastructures, such as perimeter walls, central effluent treatment plants, water treatment plants, and other facilities.