Bangladesh to get $11.1 billion funding from ADB

Bangladesh will get around $11.1 billion from Manila-based Asian Development Bank (ADB) under its new country operations business plan from 2021 to 2023

Feb 24, 2021
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Bangladesh will get around $11.1 billion from Manila-based Asian Development Bank (ADB) under its new country operations business plan from 2021 to 2023. Under the program, $5.9 billion will be given for firm projects and $5.2 billion for standby projects, reported Daily Star.

The report says ADB Country Director Manmohan Parkash on Tuesday communicated to Bangladesh Prime Minister Sheikh Hasina about new plans. $607 million in loans and grants will be given to the country for expanding the social safety net and to manage the aftereffects of the pandemic.

The projects creating rural employment will also be covered under the new plans.

Talks are also going on for funding, around $940 million, for the country’s vaccination program. 

To support the country’s health and financial sector recovery, Bangladesh will get $500 million in funding from the lender in 2021. The new program also took consideration of shifting priorities in the wake of the pandemic. 

"With smart investments in industry, infrastructure, and human capital, the region can attract investment, create employment, and bring prosperity," the ADB’s country director was quoted as saying by Daily Star.

The ADB has initiated the preparation of a new Country Partnership Strategy for 2021-2025. It is fully aligned with the priorities of the Eighth Five-year Plan, the Perspective Plan 2041, the Bangladesh Delta Plan 2100, and the Strategy 2030 of the lender, says the report.

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