Bangladesh was the world’s second poorest country when it gained independence on December 16, 1971, making the country’s transformation over the next 50 years one of the great development tales.
Poverty has been decreased in half at a breakneck pace since then. Primary school enrollment is currently practically ubiquitous. Hundreds of thousands of women have begun working. Maternal and child health have made steady progress. In addition, the country is better protected from the damaging effects of climate change and natural calamities.
Bangladesh’s prosperity is made up of numerous moving pieces, ranging from human capital development to macroeconomic stability. Building on this success, the country is now preparing for even more economic growth and job creation by increasing investments in energy, inland connectivity, urban projects, and transportation infrastructure, as well as putting climate change adaptation and disaster preparedness at the top of its priority list.
Bangladesh’s Minister of Finance, Hon. AHM Mustafa Kamal, states, “With its robust economic record, Bangladesh is well prepared to accomplish its ambition of becoming a high-income country by 2041.” “In our development path, the World Bank has been a dedicated partner. Its financial and technical assistance have been critical in achieving broad-based development results.”
The International Development Association (IDA), the World Bank’s fund for the poorest countries, is at the heart of this collaboration between the World Bank and the government of Bangladesh. IDA began its partnership with Bangladesh in 1972 and is now the country’s largest development partner, having committed about $36 billion in grants and zero and low-interest loans in support of 271 projects. Bangladesh is currently the world’s largest recipient of IDA funds.
“When we first started working in Bangladesh, IDA was a young organization, and we’ve learned a lot about what works—and what doesn’t—during our partnership,” Mercy Miyang Tembon, World Bank Country Director for Bangladesh and Bhutan, said.
“As a result of that experience, many other countries have been able to reduce poverty and increase shared prosperity.”
From the devastation of seasonal cyclones to the spread of COVID-19, Bangladesh has faced numerous hurdles along the way. Bangladesh’s development in the face of these challenges is a monument to its people’s tenacity and the strength of partnerships, as the stories that follow indicate.
