Govt signs $300m deal with IDA for economic project

The Government of Bangladesh and the International Development Association (IDA) of the World Bank Group have signed a financing agreement of $300 million loan on Monday to implement the "Accelerating and Strengthening Skills for Economic Transformation (ASSET) project.

Economic Relations Division Secretary Fatima Yasmin and Country Director of the World Bank Mercy Tembon, Dhaka Office signed the Agreement on behalf of their respective sides, said a press release.

The five-year project has been adopted in line with the National Education Policy 2010 and the National Skills Development Policy 2011.

The main objective of the project is to create future employment opportunities for Bangladeshi youth and workers, including women and disadvantaged people, the press release added.

Directorate of Technical Education under the Technical and Madrasa Education Division will act as the lead implementing agency and Ministry of Expatriates' Welfare and Employment, Ministry of Industries and the Medical Education and Family Welfare Division will act as partner implementing agencies of the project.

The project will be implemented from July 2021 to December 2026.