World Bank pledges $2 billion aid to Bangladesh to tackle climate change

The World Bank has pledged 2 billion US dollars aid package to Bangladesh to tackle climate change over the next three years. The aid package is part of the World Bank’s fund for the poorest countries.
Bangladesh is extremely vulnerable to climate change and accounts for almost 70% of all storm surges in the world. The aid package aims to further develop the resilience of the people at a time when climate change is putting their lives and livelihoods at greater risk.
Background
This is the second large investment announcement made by the World Bank President Jim Yong Kim during his 2-day visit to Bangladesh. Earlier he had announced to provide US $1 billion aid to Bangladesh over the next three years to fight child malnutrition.
Comment
The World Bank has provided Bangladesh more than $24 billion in financing in the last 45 years. Bangladesh is the largest recipient of International Development Association (IDA) assistance, having received over 24 billion US dollars since Independence.

About World Bank

• The World Bank is an international financial institution that provides loans to developing countries for capital programs.
• It comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
• Formation: July 1944.
• Headquarters: Washington DC, United States.
• Motto: Working for a World Free of Poverty.
• Membership: 189 countries (IBRD), 173 countries (IDA)
• The World Bank is one of the five components of the World Bank Group, which is part of the United Nations system.

Month: Current Affairs - October, 2016