Energy and infrastructure are set to get the bulk of Asian Development Bank (ADB) financing in Bangladesh for the next three years.
Top officials of the Manila-based multilateral development partner disclosed this on Sunday.
The ADB has formulated a 'Country Operations Business Plan' (COBP) for Bangladesh for the years 2019 to 2021 to provide the highest allocation for energy and transport sectors, they said.
"Under our latest COBP, two thirds of the ADB financing would be allocated to energy and infrastructure," said Jyotsana Varma, principal country specialist for the ADB here.
Ms Varma said 21.4 per cent would be allocated for water and other urban infrastructure, and 13 per cent to agriculture, natural resources and rural development.
On the other hand, education would get 12.8 per cent and finance and public sector management 7.4 per cent.
The ADB, which is traditionally the country's second-largest development partner, earlier committed $8 billion as part of its five-year 'Country Partnership Strategy' spanning from 2016 to 2020.
"Out of this amount, we have already delivered $5.5 billion while around $2.5 billion is in the pipeline for the next two years," Ms Varma said.
Recently, the multilateral financier has also implemented its new procurement framework here, emphasising more 'quality and value for money'.
"The new procurement framework would reduce the cost of project implementation and encourage co-financing," said ADB country director Manmohan Parkash.
"Co-financing would be crucial for the development partners to leverage more resources and to ensure project outcome," he said at the inaugural session of the seminar.
Speakers at the seminar also emphasised greater participation of the private sector in the ADB development schemes here.
"In recent years, Bangladesh has been able to reduce its dependence on foreign aid significantly," said Monowar Ahmed, secretary-in-charge of the Economic Relations Division.
"Against this backdrop, we need to use our foreign assistance more prudently," he uttered.
At the event, Implementation, Monitoring and Evaluation Division (IMED) secretary Md Mofizul Islam focused on the latest ADB procurement framework.
"The new framework needs to be synchronised with our country's policies and procedures," he added.
Commerce minister Tofail Ahmed, who attended the session as the chief guest, said the country is planning to sign free trade agreements (FTAs) with Turkey, Malaysia and Thailand.
"Many more FTAs would be signed once the country graduates from the least developed country status," he added.
Speakers at the event also observed that the ADB should focus more on assisting Bangladesh in diversifying its export basket.
They called for greater coordination and harmonisation among development partners.
"Currently, there is a lack of coordination among the Development Partners," said Safiqul Islam, additional secretary of Road Transport and Highways Division.
"Development partners usually plan and think in their own respective ways. But ideally, the coordination among them should be stronger," he added.
ERD additional secretary Muhammad Alkama Siddiqui and Dhaka Water Supply and Sewerage Authority managing director Taqsem A Khan also spoke.
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