Dhaka, June 29 -- The World Bank is set to cut $70.54 million from its $500 million loan commitment to the Private Investment and Digital Entrepreneurship (PRIDE) Project, now undergoing restructuring with a proposed two-year extension.

The move follows 4.5 years of sluggish implementation, during which the Bangladesh Economic Zones Authority (BEZA) and the Bangladesh Hi-Tech Park Authority (BHTPA) have managed to utilise only 6.46 per cent of the total loan commitment.

The development came to light at a recent meeting of the PRIDE Project Advisory Committee, convened by the Economic Relations Division (ERD), where the project's financial and physical progress was reviewed, ERD officials confirmed.

Officials said the World Bank approve...