ADB to provide $1.4b to Bangladesh for 4 projects
The four projects are aimed at strengthening economic management, social protection and infrastructure development in the country
The Asian Development Bank will provide Bangladesh with $1.4 billion in financing and assistance for four major projects aimed at strengthening economic management, social protection and infrastructure development in the country.
The financing agreement was signed today (24 May) between Bangladesh's Economic Relations Division (ERD) under the Ministry of Finance and the ADB at a bilateral signing ceremony held at a hotel in the capital.
Speaking at the event, Finance Minister Amir Khosru Mahmud Chowdhury said the ADB's swift and timely economic response and financing would play a crucial role in implementing the country's development plans amid the adverse global situation stemming from the recent conflict in the Middle East, reports BSS.
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"The ADB's prompt support among multilateral development partners is highly commendable," he said, emphasising that such cooperation would help Bangladesh sustain economic stability and continue its development trajectory.
Under the agreement, the $1.4 billion support will be channelled into four projects: the Strengthening Economic Management and Governance Program (Subprogram 2), the Second Strengthening Social Resilience Program (Subprogram 2), the South Asia Subregional Economic Cooperation (SASEC) Dhaka-Sylhet Corridor Road Project, and the Narayanganj Green and Resilient Urban Development Project.
The minister welcomed the ADB president and a high-level delegation, saying an announcement regarding a nationwide integrated development project would be made during a meeting between the ADB president and the prime minister tomorrow (May 25).
He said the long-term project aligns with the government's election manifesto and development priorities and is expected to make a significant contribution to improving people's livelihoods across the country.
The finance minister also expressed optimism that the longstanding partnership between Bangladesh and the ADB would play an even stronger role in advancing the country's sustainable economic and social development in the coming years.
