Dhaka, June 24 -- The World Bank Board of Executive Directors on Wednesday approved $450 million in financing to help Bangladesh strengthen the foundations for a stronger banking sector, a prerequisite for the revival of the country's economic growth and job creation.

The Financial Sector Support Project II aims to bolster the deposit protection system to protect small depositors and build Bangladesh Bank's supervisory capacity and systems.

It will also support the deposit protection fund by increasing its capital and advance key reform priorities, including enhancing the deposit protection system, establishing an effective Emergency Liquidity Assistance framework, developing bank restructuring strategies, and supporting reforms in stat...