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The Asian Development Bank (ADB) said on Friday it has approved a $400 million policy-based loan to support climate adaptation in Bangladesh, reports Reuters.
According to recent reports, the Manila-based lender is committed to allocating more than half of its 2024-26 allocation for Bangladesh ($5.5 billion) in support of the government's climate agenda.
ADB President Masatsugu Asakawa recently said: “Climate risk is growing and addressing it requires progressive action and strong partnerships. With commitment and leadership, Bangladesh has made significant progress in advancing its climate agenda.”
The ADB president said Bangladesh’s National Committee for Environment and Climate Change (NCECC) under its Ministry of Environment, Forest, and Climate Change (MoEFCC) will forge a whole-of-government approach to advance the climate agenda, and the Bangladesh Climate and Development Partnership will facilitate increased and coordinated support to Bangladesh.
“ADB is firmly committed to working with all development partners to support Bangladesh in the fight against climate change.”