The Government of Bangladesh and Asian Development Bank (ADB) June 20 signed four loan agreements totaling US$1.304 billion to modernize critical infrastructure, strengthen financial systems, and accelerate the nation’s climate resilience efforts, .
Md Shahriar Kader Siddiky, secretary, Economic Relations Division (ERD), Ministry of Finance and Hoe Yun Jeong, country director, Bangladesh Resident Mission, ADB signed the loan agreements on behalf of their respective sides, said a press release.
Senior officials of the Government of Bangladesh and ADB were present in the loan signing ceremony.
The newly signed loan agreements will deliver tangible improvements across key sectors.
Among the four agreements, Banking sector reforms worth $500 million budget support will fortify financial stability through structural improvements for ensuring stronger credit systems to fuel economic growth, a $400 million budget support will reduce vulnerability to climate shocks through “Climate Resilient Inclusive Development Program-Subprogram 2, A $204 million for tranche 4 of SASEC North West corridor Phase 2 will be utilized to improve the regional connectivity along Elenga-Hatikumrul-Rangpur road, and A $200 million energy modernization program will revolutionize Bangladesh’s power grid through nine upgraded substations and 141 km of new transmission lines, while creating pathways for renewable energy integration from Southern Chattogram.
Cox’s Bazar Life Desk/BSS
