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Extreme Poverty Reduction
News & Events
November 3, 2024

World Bank Praises Progress of SMART Project in Bangladesh

The World Bank has conducted two Implementation Support Missions (ISMs) so far to evaluate the progress of the SMART project in Bangladesh, with the latest mission having taken place from 11-18 February 2024.

The first mission, conducted from 24-26 June 2023, rated the project’s progress as ‘satisfactory.’ The subsequent mission included in-depth discussions with officials on various components of the project, such as procurement, environmental and social frameworks (ESF), grievance redress mechanisms (GRM), financial management, communication, monitoring, and evaluation.

During the second mission, the World Bank team held discussion with Partner Organizations of PKSF to refine strategies for Resource Efficient and Cleaner Production (RECP). A tripartite meeting with the Department of Environment (DoE) and Bangladesh Standards and Testing Institution (BSTI) was held to help get the necessary clearance for microenterprises (MEs) supported by the project.

The missions underscore the project’s commitment in promoting sustainable development and environmental conservation in the microenterprise sector of Bangladesh.

By Alal Ahmed, Program Manager (Communication and Knowledge Management)
News & Events
November 3, 2024

World Bank Appoints Experts to Assess RECP Technologies for SMART Project

A team of four experts specializing in Air Quality Management, Energy Efficiency, Water Management, and Waste Management has been appointed by the World Bank to evaluate suitable Resource Efficient and Cleaner Production (RECP) technologies for the SMART project. This diverse team, consisting of both local and international specialists, conducted field visits from 1-6 June and 6-7 September 2023, to observe the Sustainable Enterprise Project (SEP) activities firsthand.

Following their comprehensive field assessments, the experts held a knowledge-sharing meeting on 10 September 2023, with representatives from the World Bank, PKSF, and SEP-implementing Partner Organizations. The meeting, attended by representatives of 20 Partner Organizations, focused on the findings and recommendations of the assessment.

The expert team also submitted a detailed assessment report, which will serve as a crucial guiding document for identifying potential RECP technologies for Microenterprises (MEs) supported by the SMART project.

By Alal Ahmed, Program Manager (Communication and Knowledge Management)
News & Events
July 11, 2024

PKSF all set to launch new project ‘SMART’

PKSF is preparing to launch a new project titled ‘Sustainable Microenterprise and Resilient Transformation (SMART)’ to make microenterprises’ production processes and equipment environment-friendly as well as to ensure green growth of this sector.

The Subsidiary Loan and Grant Agreement (SLGA) of the SMART project was signed on 26 July 2023. Md Fazlul Kader, Additional Managing Director, signed the SLGA on behalf of PKSF. Abu Daiyan Mohammad Ahsanullah, Joint Secretary, signed the document on behalf of the Finance Division, Ministry of Finance. Zahir Uddin Ahmed, Project Coordinator of SEP, and Md Touhidul Islam, Deputy Secretary, Finance Division, among others, were present there.     

The $300 million project will receive $250 million from the World Bank and the remainder will be sourced from PKSF’s own fund.

The SMART project was approved in the World Bank board meeting held on 27 April 2023. During the visit of Hon’ble Prime Minister Sheikh Hasina to Washington DC, a Financing Agreement on the project was signed between the World Bank and the Economic Relations Division on 28 April 2023. The signing ceremony took place at the World Bank’s headquarters at a time that marked the 50th anniversary of partnership between Bangladesh and the World Bank.

The SMART project will employ innovative technologies to enhance environmental sustainability of microenterprises. It will benefit approximately 80,000 microenterprises in manufacturing, agriculture, and service sectors, contributing to job creation, productivity enhancement, women’s empowerment and expansion of local economies.

By admn_smart