Meeting with ADB stresses expeditious project implementation for post-pandemic recovery

Bangladesh and Asian Development Bank (ADB) at a tripartite portfolio review meeting (TPRM) on Sunday agreed on actions to further accelerate the implementation of ADB-assisted projects for boosting socio-economic recovery.

Kenichi Yokoyama, Director General for ADB's South Asia Department, in his opening remarks appreciated macroeconomic management and policies of Bangladesh for expeditious socio-economic recovery from the Covid-19 pandemic.

He thanked Bangladesh for its continued strong partnership and conveyed ADB's readiness to work together in developing innovative and transformative solutions to address climate challenges and generate strong economic recovery with high inclusiveness, and economic diversification.

To further improve project implementation, DG Yokoyama also emphasised better project readiness, reduction of procurement time, and timely completion and closing of the projects with high discipline.

Economic Relations Division (ERD) Secretary Fatima Yasmin and ADB Country Director for Bangladesh Edimon Ginting co-chaired the TPRM. Deputy Director-General for South Asia Department Manmohan Parkash, ADB's Alternate Executive Director Md Azizul Alam, senior officials from the government of Bangladesh, project directors, and ADB staff participated in person as well as virtually in the first review meeting in 2022 for resolving project issues and formulating strategies to quicken project implementation.

With a positive outlook after the Covid-19 pandemic, Edimon Ginting encouraged all to set higher expectations and project targets for 2022.

"Faster project implementation will not only improve the public service delivery but will help accelerate socio-economic recovery from the pandemic-induced losses as well," Ginting added.

The meeting reviewed the progress of actions agreed in August 2021, readiness status of 2022 pipeline projects, and upstream knowledge work. During the TPRM, 42 selected projects were discussed on 113 different issues and over 130 specific time-bound actions were agreed upon.

ADB's current sovereign portfolio has 50 projects comprising 89 loans and grants with a net portfolio of $10.63 billion. ADB operates in Bangladesh in six sectors – energy; transport; water and urban/municipal infrastructure and services; education; finance; agriculture, natural resources, and rural development. The cumulative lending to Bangladesh stands at around $48 billion in loans and grants, including co-financing.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members – 49 from the region.