The World Bank has approved a $102 million loan to help Bangladesh improve riverbank protection and navigability of Jamuna river.

The funding will help save people from being displaced, protecting their livelihoods, and spurring economic activities under a project titled "Jamuna River Sustainable Management Project 1", according to a press release of the global lender.

This project, the first among a series of proposed projects, will also help improve navigation channels with adequate depth that can accommodate large cargo vessels year-round, the World Bank said yesterday.

Besides, it will help revive inland water transport and boost regional connectivity and trade, and protect about 2,500 hectares of land from riverbank erosion and flooding, safeguarding the livelihoods and assets of the local people and creating new economic opportunities, according to the press release.

"Jamuna is one of the largest and most dynamic rivers in the world. It provides a lifeline to millions of people. Yet, river erosion, aggravated by climate change and rising water levels, displaces thousands of people every year, pushing them to poverty," said Abdoulaye Seck, World Bank country director for Bangladesh and Bhutan.

Sustainable and climate resilient management of the Jamuna river will bring enormous economic benefits for the country and its people, Seck said.

"The World Bank is helping Bangladesh to develop and implement a multi-phased program to protect sections of riverbanks and improve navigation channels and we will continue working closely with our multilateral and bilateral development partners."

The project, for the first time in Bangladesh, will pilot nature-based solutions and innovative river structures and navigation at two channels of Jamuna, crossing Phulchhari, Gaibandha, and Kalihati.

The improved navigation channels will benefit about 100,000 people by providing better safety and cheaper transportation for those switching from buses to passenger ferries, the World Bank said.