ADB to lend over $1.0b for five projects

The Asian Development Bank (ADB) will provide Bangladesh with an aggregate US$ 1.026 billion in loans to help implement five separate projects.
To this effect, Economic Relations Division (ERD) Secretary Md. Shahriar Kader Siddiky and ADB Country Director for Bangladesh Edimon Ginting signed the credit agreements on behalf of their respective sides in Dhaka on Tuesday, said a statement.
The projects are: Smart Metering Energy Efficiency Improvement Project, Vaccines, Therapeutics, and Diagnostics Manufacturing and Regulatory Strengthening Project, Chattogram Hill Tracts Inclusive and Resilient Urban Water Supply and Sanitation Project, and Improving Computer and Software Engineering Tertiary Education Project.
Another €277.88 million or US$300 million worth of loan will be made available to help upgrade the Dhaka-Northwest international trade corridor in Bangladesh.
The assistance forms the third tranche of $1.2 billion multi-tranche ADB loans for the Second South Asia Subregional Economic Cooperation (SASEC) Dhaka-Northwest Corridor Road Project, said an ADB press release.
According to the agreements, the ADB will provide $200 million in loans to help Bangladesh enhance energy efficiency through smart metering as well as support its transition to clean energy solutions.
The financing will be available under the Smart Metering Energy Efficiency Improvement Project for supporting the government's efforts to reduce losses by installing 650,000 smart prepaid gas meters (SPGMs) for residential customers, according to an ADB press release.
A $336.5 million worth of credit will be available for establishing domestic vaccine, therapeutics, and diagnostics manufacturing capacity and strengthening the national regulator to ensure vaccine supply security in Bangladesh.
Besides, the ADB will provide $90 million in loans to develop infrastructure and systems that will provide clean drinking water and sanitation services in Bandarban, Lama, and Rangamati towns in the Chattogram Hill Tracts (CHT) region in Bangladesh.
Another $100 million worth of loan will be made for improving computer science, software engineering, and information technology (IT) programmes in three universities in Bangladesh.
"This project will help accelerate fourth industrial revolution technology adoption, realise the vision of Digital Bangladesh, and enable the country to reap the demographic dividend by creating digitally qualified young human resources and entrepreneurs," it said, quoting Edimon Ginting.
A few days back, the World Bank (WB) signed five agreements with the government for providing an aggregate US$1.11 billion worth of credits under five separate projects to help Bangladesh improve human development and climate resilience.
The proposed WB credit support aims to help 900,000 rural youths in Bangladesh with better employability and entrepreneurial opportunities, said a WB press release.

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