The World Bank Group president Ajay Banga has announced that the global lender would provide $3.5 billion to support the reform initiatives of Bangladesh’s interim government.

This announcement came during a meeting with Bangladesh’s Chief Adviser, Muhammad Yunus, on the sidelines of the United Nations General Assembly (UNGA) at the UN Headquarters on Wednesday (local time).

The WB President, a long-time friend of Muhammad Yunus, said that at least $2 billion would be provided as fresh lending, while an additional $1.5 billion would be repurposed from existing programmes.

He said that the WB would support reforms in the digitisation, liquidity, energy, power, and transport sectors in Bangladesh.

During the meeting, Muhammad Yunus sought the World Bank’s support for the extensive reforms undertaken by the interim government and urged the WB to be innovative with its lending programme.

‘This is a significant opportunity to rebuild the country,’ he remarked.

The WB President also discussed cooperation in the energy sector across South Asia, particularly how hydro energy produced in Nepal and Bhutan could be shared with neighbouring countries such as India and Bangladesh.

Energy and Power Adviser Fouzul Kabir Khan was present at the meeting.