The spate of bomb blasts in Bangladesh has prompted the world's largest multilateral donor agency - the World Bank (WB) - to provide monetary assistance to the government to improve its security measures.
"The WB is ready to support and provide financial assistance to the government of Bangladesh for security enhancements and infrastructure to promote the safety of judges and court premises," a WB press release said Monday.
Under the current Legal and Judicial Capacity Building Project, the WB expressed its readiness to consider proposals from the government for security enhancement or upgradation for buildings currently under construction, financing security upgradation in existing court buildings and assistance for construction of few high security court rooms.
The multilateral donor agency's assistance proposal to tighten the security, however, came following the recent increase in bomb blast incidents across the country by militants.
Currently, the mounting threats by militants are forcing the country's supermarkets, multinational companies and established business firms to install security equipment to protect their businesses from possible onslaught of terrorists.
The businessmen welcomed the WB's initiative to finance Bangladesh's security enhancement.
"The project might help ensure tightening security in various sensitive places for international businesses like ports and customs houses, where the current security system is not foolproof," President of the Bangladesh Garment Manufacturers' and Exporters Association (BGMEA) Tipu Munshi told the FE.
Referring to the cost of installing security equipment the leader of the country's highest export earning sector said: "Installation of such equipment is enhancing the production cost in Bangladesh, where the cost in doing businesses is already high."
"We, the businessmen have already demanded withdrawal of duties on the import of security equipment to the Prime Minister to cut expenses on account of security purposes," he added.
The government would require huge investments to protect its establishments from security threats and the WB's assistance might reduce the government's cost in security purposes, a senior official of the Home Ministry told the FE.
He said the government is doing its best to stop bomb blast incidents across the country.
Along side the enhancement of expenditure on security the government is also taking steps to stop terror financing in the country.
A senior official of Bangladesh Bank (BB) said the government is going to take some tough measures that may include amending or replacing the existing anti-money laundering law in a bid to seal the sources of terror financing and preventing the smuggling of foreign exchange out of the country.