ADB puts in pipeline $10-12 billion in aid for Bangladesh

| Updated: October 05, 2021 18:56:50

ADB puts in pipeline $10-12 billion in aid for Bangladesh

Launching its fresh country partnership strategy (CPS), the Asian Development Bank (ADB) put in aid pipeline US$10-$12 billion for funding Bangladesh's development recipe over five years to 2025.

Finance Minister AHM Mustafa Kamal launched Monday the new CPS of the ADB for Bangladesh, to be implemented during 2021-2025 period, ceremonially at a hotel in Dhaka.

An ADB statement on the occasion says during the CPS-implementation period, it will increase its lending operations to $10 billion-$12 billion for Bangladesh.

Present at the launching ceremony were also Finance Secretary Abdur Rouf Talukder, ADB Economic Relations Division's Fatima Yasmin, Alternate Executive Director representing Bangladesh at the ADB Azizul Alam and ADB Country Director-designate Edimon Ginting, among others.

The ADB Dhaka office in the statement said the CPS would support rapid socioeconomic recovery from the coronavirus disease. It will also expand its private-sector operations to Bangladesh and "continue to leverage a high level of cofinancing with other development partners".

The new CPS will help in reducing poverty in addition to implementing specific programmes to reduce inequality, strengthen social protection, promote more equitable rural and regional development, climate change adaptation and mitigation, disaster risk management, and mobilizing investments in low-cost housing and basic services.

Special attention will be provided to improve health and education.

"The new ADB strategy was prepared in close coordination with the government to support the implementation of its 8th Five-Year Plan, which aims to address the need for higher resource mobilization, diversification of manufacturing and exports, and sustainable urbanization," the development financier says.

ADB country Director Manmohan Parkash told the meet that the new CPS reflects ADB's commitment to accelerating the ongoing growth and development of Bangladesh through timely, efficient, and high-quality assistance combining knowledge, finance, and partnerships.

"Our aim is to help Bangladesh realize its aspirations of becoming an upper- middle-income country by 2031, and a developed country by 2041 by promoting modern technologies, stimulating inclusive and sustainable growth, and investing in its people and their welfare, especially women, for shared prosperity," he said, further illustrating the objectives associated with the helpline.

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