ADB providing $50 million loan to Bangladesh

The Asian Development Bank (ADB) and Bangladesh government today signed agreements for $50 million in loan to promote, fund, and implement public-private partnership (PPP) infrastructure projects in the country.

Fatima Yasmin, secretary, Economic Relations Division (ERD), and Manmohan Parkash, country director, ADB, signed the loan agreement virtually while S M Anisuzzaman, chief executive officer of Bangladesh Infrastructure Finance Fund Limited (BIFFL), signed the project agreement, ADB said in a press release.

"The project will strengthen BIFFL's capacity to mobilise private investments, develop infrastructure projects, and create jobs, which will accelerate the economic recovery process after the coronavirus disease (Covid-19) pandemic," said ADB Country Director Manmohan Parkash.

The project will generate about 3,000 jobs in PPP projects supported by BIFFL by 2024 and help implement PPP infrastructure subprojects developed by government agencies, he added.

Using ADB's financial intermediary loan, the Strengthening Bangladesh Infrastructure Finance Fund Limited Project will provide long-term local currency financing for qualified PPP infrastructure subprojects, ADB said.

ADB has been a long-standing partner to support BIFFL to promote PPP programme and develop its pipeline of projects, it added.