On Friday, the World Bank authorised a USD 250 million loan to Bangladesh to support the country’s efforts to improve environmental management and encourage private sector involvement in green investments. Over 21 million people who live in Greater Dhaka and surrounding areas would benefit from the successful execution of the Bangladesh Environmental Sustainability and Transformation (BEST) Project, which will assist the nation in addressing major pollution challenges.
Four vehicle inspection centres will be built as part of the project employing a private-public partnership model to inspect roughly 46,000 vehicles a year. 3,500 metric tonnes of electronic garbage will be processed annually at an e-waste management plant that will be built. Over 1 million metric tonnes of GreenHouse Gas emissions from specific sources will be reduced as a result of the project.
In addition, the project would establish the first-ever network of 22 continuous surface water quality monitoring stations to begin real-time river water quality monitoring in Dhaka and other targeted international rivers. To verify that chosen industrial effluent treatment plants comply with environmental regulations, it will also set up continuous water quality monitoring stations.
Dandan Chen, the Bangladesh and Bhutan acting country director for the World Bank, claimed that Bangladesh’s rapid urbanisation and economic growth had had a significant negative impact on the environment. According to Chen, pollution has an adverse effect on Bangladesh’s health as well as its ability to compete economically. According to him, this project will fortify the nation’s environmental institutions, helping to improve pollution control and advance sustainable development.
Jiang Ru, a task team leader for the project and senior environment specialist at the World Bank, cited a World Bank estimate indicating that more than one-fifth of Bangladesh’s deaths in 2019 were caused by lead exposure and air pollution, costing the nation roughly 12% of its GDP.
The International Development Association (IDA), which offers low-cost finance, is the source of the credit. Its term is 30 years, with a 5-year grace period.
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