ADB hikes financial assistance to Bangladesh

Asian Development Bank (ADB) President Takehiko Nakao today said ADB’s Country Partnership Strategy for Bangladesh proposed total assistance of $8 billion, including for non-sovereign operations, for 2016–2020.

The proposal increased the assistance amount by 60% up from $5 billion in 2011–2015, said Nakao during discussions with Bangladesh Prime Minister Sheikh Hasina, Finance Minister AMA Muhith, and other senior officials, said a news release issued by the ADB.

During a three-day visit in Bangladesh, the ADB chief committed to further strengthen ADB’s 45-year partnership with the country.

In 2016-2017 ADB approved $2.5 billion in sovereign and $600 million in non-sovereign assistance. To support government efforts, ADB will provide additional resources depending upon need, performance of ongoing projects, and readiness of new projects, the release adds. 

“ADB remains committed to supporting infrastructure development in the energy, transport and urban sectors to help Bangladesh promote private investment, attract foreign direct investment, and boost growth further,” said Nakao.

He added that ADB would also continue to invest in primary and secondary education along with technical and vocational training to help the vast young population better prepare for quality jobs.