The Asian Development Bank (ADB) today approved a $400 million policy-based loan to support the Bangladesh government's implementation of its National Adaptation Plan 2023–2050 and the Nationally Determined Contributions 2021 Update to the Paris Agreement to achieve climate-focused, inclusive development.

The ADB issued a news release on its website in this regard.

Bangladesh, one of the countries most vulnerable to the adverse impacts of climate change, records an annual average loss of about $3 billion, ADB said.

"This loan is the first subprogram of the indicative $700 million Climate-Resilient Inclusive Development Program, which will help Bangladesh strengthen its climate resilience, transition to a low-carbon economy, mitigate its greenhouse gas emissions, and mainstream gender equality and social inclusion in the government's climate actions," the news release said.

"Climate shocks have been severely disrupting Bangladesh's growth and poverty alleviation. Financing needs for climate actions are astronomical. Bangladesh has strongly committed to tackling this challenge, and ADB, as the region's climate bank, is ready to support Bangladesh in its efforts," the release quoted ADB Principal Public Management Economist Aminur Rahman as saying.