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ADB pledges $5 billion dollar for Bangladesh
September 14th, 2019 at 3:35 am
ADB pledges $5 billion dollar for Bangladesh

Dhaka – The Asian Development Bank (ADB) is poised to provide Bangladesh with nearly 5 billion dollars in three years aiming at sustainable growth of the South Asian country, the bank said on Friday.

The assurance for credit came on Wednesday when ADB country chief Manmohan Parkash called on Prime Minister Sheikh Hasina at her parliament office.

Prakash also handed the new Country Operations Business Plan (COBP) for 2020-2022 to the Prime Minister outlining the assistance for the projects that Bangladesh has drawn in its future development plans.

A press release of the bank said project assistances worth another 4.9 billion dollars have been included in the pipeline as ‘standby’.

Bangladesh economy
Bangladesh economic groth

The projects will be taken up for ADB financing based on their readiness.

The COBP aligns with the government’s Seventh Five-Year Plan and ADB’s Strategy 2030 and supports implementation of sustainable development goals.

The new plan is consistent with the government priorities and a pathway to prosperity, Prakash said reaffirming ADB’s continued assistance for further strengthening partnership to promote rapid, inclusive and sustainable growth in Bangladesh.

About 54 percent of sovereign investments (by volume) will further improve human capital; enhance urban services, water supply and sanitation; strengthen road, railway and port connectivity; promote rural development; and improve access and quality of electricity supply, according to the bank.

The lending prioritizes skill development and tertiary education with an emphasis on information technology.

It also prioritizes Bangladesh’s participation in regional and global value chains by furthering regional cooperation and integration in the South Asia Subregional Economic Cooperation (SASEC) and beyond.

Major projects include Dhaka-Sylhet Road, Joydevpur-Elenga-Rangpur-Burimari-Banglabandha road, Faridpur-Barishal road, dual gauging of Dhaka-Chattogram rail lines, Chattogram-Cox’s Bazar Rail Line, Dhaka MRT Line 5 (Gabtoli-Panthapath-Aftabnagar), Skills for Employment Project, Computer and Software Engineering Tertiary Education Project, Dhaka Sewerage System and Water Supply Projects, and Khulna Sewerage System Development Project.