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World Bank gives Bangladesh $50 million cyclone loan
Bangladesh will get a $50 million loan from the World Bank to help poor families affected by last year's deadly cyclone, the bank said on Thursday.
- Agencies
- Published: 12:58 July 31, 2008
Dhaka: Bangladesh will get a $50 million loan from the World Bank to help poor families affected by last year's deadly cyclone, the bank said on Thursday.
The $50 million in additional financing for the Social Investment Program Project (SIPP) would support rehabilitation of the cyclone affected families, a World Bank statement said.
SIPP, which has already benefitted over 1,000 villages across Bangladesh, was identified as the best instrument for quickly channeling funds to restore livelihoods in cyclone hit areas.
More than 3,300 people were killed in the worst cyclone since 1991, which made millions homeless and destroyed about 2 million tonnes of rice, the country's staple food.
A group of donors, led by the World Bank, have assessed that the impoverished country will need $4 billion to fully rehabilitate the economy after the cyclone, officials said.
The credit from the International Development Association, the World Bank's soft lending arm, has 40 years to maturity, including a 10-year grace period; and carries annual service charge of 0.75 percent.
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