World Bank approves 250 mln USD for Bangladesh to strengthen public institutions

DHAKA, June 28 (Xinhua) -- The World Bank's board of executive directors has approved 250 million U.S. dollars in financing to help Bangladesh modernize five key government agencies, aiming to improve transparency, accountability and efficiency in public sector operations.

The Washington-based lender, in a statement released on Sunday, said the Strengthening Institutions for Transparency and Accountability (SITA) project approved on June 12 takes a comprehensive approach to strengthening government institutions for improving data production, domestic revenue mobilization, public investment management, procurement and audit.

It will support investments in digital systems, institutional reforms and capacity building across the five agencies.

"By modernizing systems and enhancing transparency in procurement, data quality, domestic resource mobilization, public financial management, and project implementation, the project is expected to build a stronger foundation for effective service delivery," Zonayed Saki, Bangladesh's state minister of finance and planning, was quoted as saying in the statement.

He said it is also expected to enhance public trust in government institutions and make them more accountable to the people.

Jean Pesme, the World Bank's divisional director for Bangladesh and Bhutan, said the country's next phase of growth depends on strong, transparent institutions that people and investors can trust.

"The SITA project will help modernize core government systems while strengthening data quality, so decisions are better informed, results are tracked more effectively, and accountability is reinforced," he said.