The International Development Association (IDA), a concern of the World Bank, will extend $295 million Scale Up Facility (SUF) loan to Bangladesh for enhancing digital government and economy (EDGE) projects.
A deal in this regard was signed on Sunday.
Fatima Yasmin, ERD secretary, and Mercy Miyang Tembon, country director of World Bank, signed the financing agreement on behalf of their respective sides.
The project will be implemented by Bangladesh Computer Council under the ICT Division.
The implementation period of this project has been fixed from January 1 this year to December 31, 2026.
The objectives of this project are to improve cyber security, build resiliency during future crises, and will enable the government to operate virtually to deliver critical public services to citizens and businesses.
The project will also work to reduce vulnerabilities from the pandemic and prepare for the fourth industrial revolution. The project will also help to digitize small and medium enterprises and strategic industries and to establish a Digital Leadership Academy to create opportunities for research and development
The loan is to be repaid in 34 years with a grace period of four years. The frontend fee is 0.25%, the commitment charge is 0.25% and the interest charge is EURIBOR (Euro Interbank Offered Rate) plus 0.98%.
