$400m ADB loan: Deal signed

The government Wednesday signed a $400 million loan agreement with the Asian Development Bank (ADB) to advance reforms in Bangladesh's domestic resource mobilization, improve efficiency and productivity of public spending, and help small businesses, especially women-led businesses to access low-cost innovative bank financing.

This loan is ADB's second subprogramme of the Sustainable Economic Recovery Programme that was launched in October 2021 to support economic recovery after the COVID-19 pandemic.

Economic Relations Division (ERD) Secretary Sharifa Khan and ADB Country Director for Bangladesh Resident Mission Edimon Ginting signed the loan agreement on behalf of their respective sides.

The Finance Division along with the Financial Institutions Division, National Board of Revenue (NBR), Bangladesh Bank, Programming Division and the Central Procurement Technical Unit (CPTU) has formulated the Sustainable Economic Recovery Programme.

It focuses on the policy reform to mitigate the adverse economic effects caused by the COVID-19 pandemic and geo-political crisis.

The programme scope includes strengthening public financial management systems and improving access to finance for underserved market segments.