$5.0b ADB funding to bankroll major dev projects

Published: September 13, 2019 17:19:36 | Updated: September 15, 2019 12:29:06

The Asian Development Bank or ADB is set to disburse around $5.0 billion to finance several major development projects in Bangladesh between 2020 and 2022, reports bdnews24.com.

The financial institution's Country Director for Bangladesh Manmohan Parkash met Prime Minister Sheikh Hasina at the parliament office on Sept 11 and apprised her of ADB's enhanced development programmes for the country.

Parkash handed over the institution's Country Operations Business Plan (COBP) for 2020-2022 to Hasina, comprising the projects totaling around $5 billion.

Projects worth another $4.9 billion have been included as 'standby'.

The projects will be taken up for financing based on their readiness, according to the ADB.

The COBP aligns with the government’s Seventh Five-Year Plan and ADB’s Strategy 2030 and supports implementation of sustainable development goals targets, it said.

It is also aligned with the government’s new manifesto, which highlights the priorities and sets the stage for the next 5-year plan.

Hasina appreciated the financial assistance and highlighted her government’s priorities which focus on infrastructure and human capital, science and technology research, rural and agricultural development, and private sector promotion.

Complimenting the prime minister on the country's strong economic performance, Parkash said that the new COBP is consistent with government's priorities and a pathway to prosperity.

He reaffirmed ADB’s continued assistance to further strengthen its partnership to promote rapid, inclusive and sustainable growth in Bangladesh.

The programme will enable greater private sector investment by easing credit constraints and facilitating local currency bonds, according to the ADB.

It includes projects such as the Dhaka-Sylhet Road, Joydevpur-Elenga-Rangpur-Burimari-Banglabandha road, Faridpur-Barishal road, dual gauging of Dhaka-Chattogram rail lines, Chattogram-Cox’s Bazar Rail Line, Dhaka MRT Line 5 (Gabtoli-Panthapath-Aftabnagar), Skills for Employment Project, Computer and Software Engineering Tertiary Education Project, Dhaka Sewerage System and Water Supply Projects, and Khulna Sewerage System Development Project.

Projects to automate revenue administration, develop bond markets, strengthen the banking system, and improve irrigation, rural connectivity and electrification are also in the pipeline.