Bangladesh government signed a $100.5 million financing agreement with the World Bank to improve livability of four large neighborhoods in Dhaka City under a project benefitting about a million residents on Wednesday (May 29), reports BSS.
The agreement was signed by Economic Relations Division (ERD) Additional Secretary Md. Zahidul Haque and World Bank Acting Country Director Zahid Hussain.
The credit is from the World Bank’s International Development Association (IDA), has a 30-year term, including a five-year grace period, and carries a service charge of 0.75 percent and an interest of 1.25 percent.
The Dhaka City Neighborhood Upgrading Project will enhance public spaces and urban services in four neighborhoods-Kamrangir Char, Lalbagh, Sutrapur-Nayabazar-Gulistan, Khilgaon-Mugda-Bashabo-under the Dhaka South City Corporation.
The project will help upgrade public spaces such as parks, playgrounds, waterfronts; streets, sidewalks; and transform public buildings such as community centers into multipurpose facilities to serve communities.