The World Bank is reportedly planning to invest in the insurance industry of Bangladesh to strengthen the sector and enhance its capacity.

The insurance industry is one of the country’s key financial sectors although it has not grown to its potential.

The World Bank, which approved US$300m for financial sector projects last June, is planning to invest US$80m for the insurance sector in Bangladesh for a period of 30 years.

Among the projects that the World Bank is keen on financing are the development of the Bangladesh Insurance Academy at Mohakhali; the finalisation and execution of rules and regulations of the Insurance Act of 2010, and the full execution of the Insurance Development and Regulatory Authority.

Officials told the Financial Express that the World Bank fund is meant to strengthen the country’s insurance sector by providing long-term funds for enhancing its capacity.