The Asian Development Bank (ADB) confirmed a $250 million programme loan on Monday to strengthen Bangladesh's social protection system.
The programme loan aims to improve efficiency in social protection programme management, enhance protection for the most vulnerable, and expand the social protection scope by introducing contributory protection schemes.
This will help reduce vulnerability, exclusion, and the risk of people falling into further poverty, according to ADB's news release.
ERD Secretary Md. Shahriar Kader Siddiky and ADB Country Director Edimon Ginting signed a loan agreement at a ceremony at the Economic Relations Division (ERD) in Dhaka on Monday.
Under the Strengthening Social Resilience Program-II, the programme will support the government's Action Plan Phase-II of the National Social Security Strategy, 2021-2026, to enhance the protective and preventive capacity of the social protection system in Bangladesh.
The programme introduces a verification scheme of beneficiary's survival for cash-based social protection programs to reduce leakages.
"The Second Strengthening Social Resilience Programme aims to accelerate reforms in increasing the coverage and efficiency of protection, improving the financial inclusion of disadvantaged people, and strengthening the response to diversified protection needs," said Country Director Edimon Ginting.
ADB will also provide a $1.0 million grant from its Technical Assistance Special Fund (TASF 7) and another $1 million grant from the ADB-administered Community Resilience Partnership Program Trust Fund under the Community Resilience Financing Partnership Facility to support program implementation, technical and policy analyses, and capacity building of relevant government agencies, the ADB said.
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