The World Bank said on Sunday it had agreed to lend $75 million in additional financing for an ongoing cyclone recovery and restoration project. The Bank earlier provided $109 million emergency support including a grant of $2.96 million following the 2007 Sidr cyclone which killed about 3,000 people and caused huge losses to crops and infrastructure along the country's southern coast. Cyclone Aila in 2009 caused further widespread damage, Reuters reported. "Bangladesh is extremely vulnerable to climate change and natural disasters. In recent years, natural disasters such as cyclones, floods and tidal surges are recurring with more severity," Ellen Goldstein, country director of the World Bank in Bangladesh, said in a statement. Total damage caused by the two cyclones is estimated at around $1.7 billion. The latest loan will come from the International Development Association (IDA), the World Bank's concessionary arm. It has 40 years to maturity with a 10-year grace period; and carries a service charge of 0.75 percent. ($1=70.40 taka)
