Asian Development Bank (ADB) has confirmed a US$71 million loan to improve flood control, irrigation, and water resources management in Gopalganj and Madaripur districts.
Bangladesh Water Development Board (BWDB) will implement the project between January 2024 and December 2028 with the fund for strengthening the preparedness and resilience to the effects of climate change in the southwestern districts of Bangladesh.
Economic Relations Division (ERD) Secretary Shahriar Kader Siddiky and ADB Country Director Edimon Ginting signed the loan agreements in Dhaka on Saturday.
Based on the Global Climate Risk Index, Bangladesh ranks seventh in terms of vulnerability to climate risk as the country faces increased frequency and intensity of extreme weather and slow-onset climate events.
Without effective adaptation measures, the country could lose about 30 per cent of agricultural gross domestic product (GDP) by 2050 because of climate variability and extreme events impacting rural communities, especially women, who depend on climate-sensitive agricultural practices and natural resources for their livelihoods.
The BWDB project is expected to benefit more than 600,000 people and will introduce climate-resilient flood control, drainage, and irrigation (FCDI) measures and reduce saline intrusion.
It will adopt nature-based solutions to strengthen FCDI infrastructure and improve drainage in four sub-basins.
The project will develop and enhance integrated water management plans, construct training centres for water management organisations, and other community infrastructure.
The project will promote participatory water resource management to foster local ownership and ensure sustainability.
It will strengthen the capacity of water management groups in the design, construction, and operation and maintenance of the facilities and support the establishment of joint management committees.
Support will be extended to form water management organizations in four subproject areas targeting women's membership.
"The project will sustain the gains achieved under the ADB-financed Southwest Area Integrated Water Resources Planning and Management Project, which has improved agricultural production, improved community infrastructure, and increased rural households' incomes," said ADB Senior Project Management Specialist Pushkar Srivastava.
The ADB will charge 2.0 per cent interest on the loan having a maturity period of 25 years, including a grace period of 5.0 years.
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