World Bank and ADB to provide $2.5 billion to reform banks and financial sector

The World Bank and Asian Development Bank have agreed to provide $2.5 billion in loans to Bangladesh for banking and financial sector reforms. The World Bank will contribute $1 billion, while ADB will provide $1.5 billion. The loans will support modernization of Bangladesh Bank and overall banking sector reforms. Conditions for the loans include creating private sector asset management companies and updating definitions of defaulted loans. Bangladesh’s central bank governor also met with US officials to discuss macroeconomic improvements and potential US support for financial sector reforms.READ FULL