The West Indies, who had reached the final when the tournament was last staged in Bangladesh in 2004, will face an undefeated Indian side for the title here on Sunday.
This will be the first-ever final between the two sides at the age-group level.
The West Indies broke the Bangladeshi hearts with a thrilling victory over the hosts as Man of the Match Shamar Springer followed his two for 36 with an unbeaten 62.
Opting to bat on a misty morning, Bangladesh lost openers Pinak Ghosh and Saif Hassan by the seventh over to be reeling at 27 for two. It slipped further to 88 for four after star batsman Nazmul Hossain was dismissed for 11 and Joyraz Sheik fell for 35.
However, Bangladesh skipper Mehidy Hasan top-scored with 60, reviving the innings with a 85-run stand for the sixth wicket with Mohammad Saifuddin (36), after half the side had been dismissed for 113 runs.
Mehidy hit seven boundaries in Saifuddin's company before both the batsmen fell off successive deliveries by seamer Keemo Paul.
The West Indies lost wickets regularly to keep Bangladesh in the hunt but half-centuries from Springer and skipper Shimron Hetmyer helped the Caribbeans record a memorable victory in the end. Gidron Pope provided the West Indies a swashbuckling start by taking 14 off the first over bowled by Mehidy before racing to 38 off 25 balls, which included five fours and a six.
Hetmyer took 16 deliveries to get off the mark before making a 59-ball 60 to lift his team to 147 for three in the 28th over. West Indies moved to 177 for four, needing just 50 more runs in 13 overs, when left-arm spinner Saleh Ahmed turned the game around with two wickets in the 38th over.
Brief scores:
Bangladesh: 226 all out in 50 overs (Mehidy Hasan 60, Mohammad Saifuddin 36; Keemo Paul 3/20, Shamar Springer 2/36, Chemar Holder 2/36).
West Indies: 230 for 7 in 48.4 overs (Shamar Springer 62 not out, Shimron Hetmyer 60; Saleh Ahmed 3/37, Mohammad Saifuddin 2/46, Mehidy Hasan 2/57).
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