Bangladesh to Get $200-Million World Bank Loan to Help Poor

Bangladesh is to get a $200 million loan from the World Bank to help some five million poor people in rural areas of the country, the bank said.

The project is designed to empower local communities by providing support and access to the market through business partnerships. It will also offer funding for small rural infrastructures and aim to help some of the poorest in society.

"Bangladesh has made remarkable progress in reducing poverty. Sixteen million people came out of poverty in the last decade. Still poverty remains a daunting development challenge, with around 47 million poor people -- most of whom live in rural areas," said Johannes Zutt, the World Bank's country director.

The credits will be provided by the International Development Association (IDA), the World Bank's concessional lending arm, with 38 years to maturity, a 6 year grace period, and a service charge of 0.75 per cent.