DHAKA: The World Bank (WB) will provide additional Tk 3,200 crore as soft-loan with a view to running the 3rd Primary Education Development Program (PEDP).
WB sources said that a Memorandum of Understanding (MoU) is expected to be signed on October 28 between Economic Relations Division (ERD) and the World Bank in this regard.
According to the source, the loan will aim to increase the number of primary school-going populace as well as to reduce the social discrimination regarding primary education.
WB Dhaka office communication officer Mehrin A Mahbub told banglanews that the international financial institution would provide additional 400 million USD (Tk 3,200) for the project.
The Bangladesh government and World Bank are expected to sign an agreement on October 28 or by the end of this month, she added.
However, a competent source ERD said that additional Tk 960 crore would come from Asian Development Bank (ADB), Tk 272 crore from European Union (EU) and Tk 800 crore from Global Partnership for Education (GPE) for the PEDP.
According to the source, the expenditure of PEDP has increased about Tk 5,336 crore.
The stakeholders are providing the money with the aim of increasing the number of primary school students, the expansion of primary education, improvement of education quality, ensuring the education-friendly environment for children and decreasing the social discrimination in primary education sector.
The expenditure will also include stipends and feeding for the students.
It will also include the supply of education materials, training for teachers and employees, infrastructural development and new employment in this sector.
A recommendation has been made on the midterm assessment that revised the expenditure and the duration of the program.
It has extended the PEDP to one more year and increased the expenditure of the project.
The revision has been made to improve the quality of primary education as well as to expand the sector.
Besides, Asian Development Bank (ADB), Australian Aid, Canadian International Development Agency (CIDA), UK’s Department For International Development (DFID), European Union (EU), Japan International Cooperation Agency (JAICA), Swedish International Development Agency (SIDA) and Unicef are among the stakeholders of the PEDP.
The program was initiated in 2011 by primary education directorate for establishing good governance in social and economic development sector as well as reducing poverty.
According to the directorate, Bangladesh has set an example in South Asia in achieving gender equality in primary education.
The directorate director general Mohammad Alamgir told banglanews that some important initiatives have yet to be taken under the PEDP.
That’s why the duration of the PEDP has been extended and its expenditure has been increased, he added.
He said the WB would provide 400 million USD out of 667 million USD of the additional expenditure.
Planning Commission sources said that Executive Committee of National Economic Commission (ECNEC) approved the project of Tk 58,359 crore from 2011 to June 2016 in implementing the project by Primary Education Directorate.
The PEDP expenditure will be increased to Tk 63,695 crore as its duration has been extended to 2017.
The WB will provide the soft loan through its associate organization International Development Association (IDA). The WB will get 0.75 percent as service charge for this loan.
The installments of the loan will be paid in 40 years with a ten-year grace period.
However, the WB has been providing financial supports for the development programs in Bangladesh since after the country’s war of independence.
BDST: 1642 HRS, OCT 26, 2014
