Bangladesh signs $600m loan deal with ADB
The agreement focuses on developing pvt sector
The Bangladesh government and the Asian Development Bank (ADB) have signed a $600 million policy-based loan (PBL) agreement aimed at driving structural reforms to boost domestic resource mobilisation and improve the efficiency of public investment projects.
The loan agreement also focuses on developing the private sector, reforming state-owned enterprises (SOEs), and enhancing transparency and governance, said a Finance Ministry press release.
Md Shahriar Kader Siddiky, secretary of the Economic Relations Division (ERD) at the Ministry of Finance, and Jiangbo Ning, officer-in-charge of the Bangladesh Resident Mission at ADB, signed the agreement on behalf of the government and ADB, respectively.
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Senior government officials and ADB representatives were present at the ceremony.
The loan is part of the "Strengthening Economic Management and Governance Program, Subprogram-1," developed by the Finance Division to implement policy reforms aimed at improving economic management and establishing a transparent, accountable regulatory framework to support private sector development.
The programme will be implemented by various agencies, including the Finance Division, the Financial Institutions Division, the Bangladesh Investment Development Authority, the Public-Private Partnership Authority, the Bangladesh Competition Commission, and the National Board of Revenue, among others.
The agreement outlines that the objectives of the programme have already been largely achieved, with reforms focusing on three key areas: strengthening fiscal management for efficient resource allocation, improving SOEs governance and fostering a better investment climate, and advancing trade policy and logistics to enhance competitiveness and streamline economic activities.
