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World Bank Loans B'desh US$102 Mln for Water Management |
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| BANGLADESH: September 20, 2007 | ||
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DHAKA - The World Bank has approved a US$102 million soft loan to support Bangladesh's efforts to improve water resources management, it said in a statement on Wednesday.
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At least 2 million households will benefit from the project, which aims to reduce crop losses during the pre-monsoon and monsoon periods and increase agricultural production through improved drainage, flood control and expansion of irrigation. Bangladesh is prone to recurring natural disasters like floods, erosion, cyclones and tidal surges and each year up to 30 percent of the country is inundated, flooding about 6 million hectares. "As we have just learned from the recent devastating floods, management of water resources is critical to mitigate the impact of floods," said Xian Zhu, country director for the World Bank. "This project will support rehabilitation and improvement of existing flood control, drainage, and irrigation schemes, which will reduce the vulnerability to future natural disasters," he said. The credit from the International Development Association, the Bank's concessionary arm, has 40 years to maturity with a 10-year grace period, and carries a service charge of 0.75 percent. (US$1 = 68.70 taka)
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REUTERS NEWS SERVICE
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