The World Bank's (WB's) Board of Executive Directors has approved US$250 million financing to bolster public sector performance in Bangladesh by fostering transparency, accountability and efficiency in key government agencies.

The Strengthening Institutions for Transparency and Accountability (SITA) Project will support the ongoing reform initiatives of the Government of Bangladesh to modernize crucial public sector functions that are essential for improving data transparency, domestic revenue mobilization, public investment management, public procurement and financial oversight.

The project will strengthen governance structures and capacities in five key government agencies, namely the Bangladesh Bureau of Statistics, the National Board of Revenue, the Planning Division, the Bangladesh Public Procurement Authority and the Office of the Comptroller and Auditor General.

"The investment will leverage digitization of business processes to help improve transparency and reduce corruption, by supporting Bangladesh in modernizing public institutions capable of serving an emerging economy," said Gayle Martin, World Bank Interim Country Director for Bangladesh.

"This project will help improve the quality and accessibility of public services and thus enhance public trust in government institutions," said Martin.

The project will streamline operations and improve service delivery within the targeted agencies, and enhance access to reliable public statistics, crucial for transparent and accountable decision-making and policy formulation, according to a WB press release.

.