The World Bank has approved a US$111.5 million credit to strengthen the country's network of about 4,500 Union Parishads to respond to community needs and deliver services through a transparent fiscal transfer system.
The credit from the International Development Association (IDA), the World Banks concessionary arm, has 40 years to maturity with a 10-year grace period; it carries a service charge of 0.75 per cent.
In addition to the World Bank credit, in a parallel but coordinated initiative, the United Nations Capital Development Fund (UNCDF), United Nations Development Programme (UNDP) and the European Union (EU) will contribute US$16 million to "second generation" pilots.
These pilots will focus on MDGs through enhancing UPs role in service delivery, rural infrastructure development and linking local economy with markets for poverty reduction.
Bangladeshs Poverty Reduction Strategy Paper (PRSP) has identified community participation and oversight as an important element for strengthening local governance.
Source: The Independent.
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