The Asian Development Bank has programmed $5.9 billion firm and $5.2 billion standby project assistance for Bangladesh in 2021-2023, according to the new Country Operations Business Plan for Bangladesh.
“Given the coronavirus disease (Covid-19) pandemic, we are enhancing our partnership with Bangladesh by adjusting program priorities to help the country overcome immediate challenges related to health and social protection, accelerate economic recovery, and maintain inclusive growth,” ADB Country Director for Bangladesh Manmohan Parkash said in a statement on Thursday, bdnews24.com reported.
“More support will be provided to improve health, food security, social protection, skills development, rural development, water and sanitation, and finance sector, among others. Climate resilience, gender inclusion, and balanced regional development are programme priorities.”
Noting the government request for increased support, Parkash said, “ADB will increase its support for private sector, public-private partnership projects and help with bond market development”.
“To mobilise more resources, we will leverage cofinancing opportunities and use diverse financing tools and modalities including policy-based loan, technical assistance, grants, equity, guarantees, B-loan, and trade financing.”
The ADB is increasing its technical assistance support while emphasising innovative approaches and new technologies to further boost development effectiveness and strengthen results, according to Parkash.
According to the plan, $5,938 million is for firm projects, while another $5,170 million is for standby projects with another $35.6 million for technical assistance programmes during 2021-2023.
The standby list includes a pipeline of bankable projects, that respond to the country’s needs and growing absorptive capacity, to be financed depending on the availability of additional lending resources, the ADB said in a statement. Regardless of firm or standby status, projects will be selected and processed based on strong government demand, sector absorptive capacity, and readiness, among other criteria.
The COBP is aligned with the guiding principles of the government’s 8th five-year plan (under preparation) and its core themes of promoting prosperity and fostering inclusiveness, and ADB’s Strategy 2030.
Projects in the COBP will also help the country attain several Sustainable Development Goals, according to the Manila-based lender.