The Asian Development Bank (ADB) will extend a $600 million loan to Bangladesh to help the country strengthen its economic management and establish a transparent and accountable regulatory environment for private sector development.

The Economic Relations Division (ERD) under the finance ministry and the ADB signed an agreement in this regard in Dhaka yesterday, said a press release.

Under the loan, the programme will be implemented by the finance ministry, Bangladesh Investment Development Authority, Public-Private Partnership Authority, Bangladesh Competition Commission, Registrar of Joint Stock Companies and Firms, Planning Commission, National Board of Revenue and Bangladesh Bank.

The programme will focus on strengthening fiscal management and improving investment climate and governance of state enterprises

The programme will focus on strengthening fiscal management, improvement of investment climate and governance of state enterprises, and strengthen trade and policy, according to the statement by the ERD.

Bangladesh has been a member of the ADB since 1973 and the South Asian country has so far received over $32.5 billion in loans from the ADB, especially for power, energy, local government, transport, education, agriculture and health.