In 2021-2022 financial year, the World Bank has provided a record amount of financing to combat climate risks. The company has financed 31.7 billion US dollars in this financial year. The organization has never before funded this amount to address climate risks. The World Bank has financed various development projects in Bangladesh in this sector.
This information was announced in a press release sent from the World Bank’s central office in Washington DC on Friday (September 9). It said that in the 2021-2022 fiscal year, the World Bank Group has financed a record 31.7 billion US dollars to help countries combat climate change. In the previous financial year, it was 26.6 billion US dollars. As a result, the company has invested 19 percent more in this sector in a span of one year.
David Malpass, president of the World Bank, said that in 2022, we have given more importance to combating the climate. We have provided $31.7 billion in assistance to enable countries to identify and address high-priority climate-related projects as part of their development plans. Our goal is to reduce carbon emissions. It is taken into consideration how to reduce it and achieve sustainable development. He also said that he will collect a large amount of funds from the international community for projects related to climate risk and provide it. The World Bank has calculated the fiscal year from July 2021 to June 2022.
According to the organization, the World Bank’s International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) have jointly financed 26.2 billion US dollars. About half of that, $12.9 billion, is being invested specifically in adaptation and resilience. In addition, IFC, the private sector arm of the World Bank Group, has provided $4.4 billion in climate finance. $3.3 billion was raised from other sources. In addition, the Multilateral Investment Guarantee Agency, another agency of the World Bank, provided 1.1 billion dollars.
Bangladesh also received this loan. For example, the World Bank has given a loan of 500 million dollars under the Resilient Infrastructure for Adaptation and Vulnerability Reduction (RIVER) project. The agency has given this loan to improve disaster preparedness in 14 flood-prone (non-coastal) districts. Under the project, more than 500 multipurpose flood shelters, connecting roads and climate resilient community infrastructure will be constructed. These shelters will be run as primary schools during normal times. These centers will have facilities like solar power, safe water, sanitation and hygiene.
The project will be implemented in 14 districts outside the coastal areas. These districts are Nilphamari, Lalmonirhat, Kurigram, Rangpur, Gaibandha, Bogra, Pabna, Sirajganj, Rajbari, Faridpur, Madaripur, Gopalganj, Sunamganj and Habiganj.#