Chief Adviser Meets New World Bank Vice President: Bangladesh's Economic Reforms and Growth Praised

Johannes Zutt, the newly appointed World Bank Vice President for South Asia, met with Dr. Muhammad Yunus, the Chief Adviser to Bangladesh's interim government, at his official residence, Jamuna, on Monday (July 14). During this important meeting, Johannes Zutt expressed strong support for Bangladesh's inclusive growth and the interim government's economic reform agenda.

This information was confirmed in a press release issued on Tuesday (July 15).

During the meeting, Johannes Zutt praised Chief Adviser Professor Muhammad Yunus's leadership, stating, "Thank you to you and your excellent team for doing good work." He specifically expressed gratitude for the interim government's efforts in tackling highly challenging issues like the financial sector. He added, "We stand ready to continue this journey and to share the aspirations of the people of Bangladesh."

Jean-Pascale Nganu, the World Bank's new Country Director for Bangladesh and Bhutan, was also present at the discussion. She expressed her deep affection for Bangladesh, recalling her previous tenure as Country Director for Bangladesh, Bhutan, and Nepal from 2013 to 2015.

Johannes Zutt paid tribute to the students who lost their lives in last year's July uprising, calling it "a deeply moving moment for everyone associated with Bangladesh."

Chief Adviser Dr. Yunus thanked the World Bank Vice President for his support and appreciation. He stated, "When we took over, it was like a disaster zone, like a place after an earthquake. We had no experience. Yet all development partners supported us, and it helped us a lot; it made us confident."

Professor Yunus highlighted the role of the youth in the July uprising, saying, "They showed this nation a dream of building a new Bangladesh." He added, "What our youth did last July was historic; especially our girls and women played a crucial role. We are observing July Women's Day today. Their sacrifices will not go in vain. The youth are the focal point of our country. We need to focus on our youth and align with their aspirations."

Professor Yunus urged against viewing Bangladesh merely as a "geographical boundary," emphasizing that the Bangladeshi economy is much larger than that. He said, "If Bangladesh prospers, the entire South Asian region will prosper. If we isolate ourselves, we are not making progress. We need to develop our international trade facilities and transportation. We have a sea. It is a vital part of our economy."

He further stated, "Most countries lack young people, so we have asked them to bring their factories here. We will provide the necessary supplies to develop industries as production hubs."

The World Bank Vice President highly praised Professor Yunus's work in women's empowerment, stating, "We will continue to support you." She noted that the World Bank-supported pioneering girl's education stipend program in Bangladesh has been replicated in other countries. The World Bank will continue to help Bangladesh create opportunities for young people.

Johannes Zutt informed that the global lending agency has financed over $3 billion in Bangladesh in the last fiscal year and pledged to continue similar support for the next three years.

Lutfi Siddiqi, the Chief Adviser's Special Envoy for International Affairs, was also present at the meeting. He provided an update on the Chittagong Port's New Mooring Container Terminal (NCT). He noted that with the new management, container handling at Chittagong Port's New Mooring Container Terminal has increased. Siddiqi said, "Our plan is to make it even more efficient. In the January-March quarter of 2025, we have seen a significant increase in net foreign direct investment (FDI), driven by a sharp rise in intercompany loans and strong equity investments."