Bangladesh is getting a loan of Tk 7000 crore from ADB

Asian Development Bank (ADB) is lending 600 million dollars to strengthen the country's financial management. The amount of money in Bangladeshi currency is about 7 thousand 200 crores (about 120 taka per dollar).

The money given by the organization will be spent to strengthen the country's financial management, the government said. Besides, this money will also be spent on the management of state-owned enterprises, improving the investment environment and strengthening the logistics of trade policy. A loan agreement has been signed in this regard.

The loan agreement was signed under the 'Strengthening Economic Management and Governance Program' at the Economic Relations Department (ERD) of Sherbangla Nagar in the capital on Wednesday. ERD Secretary on behalf of Bangladesh Government. Shahriar Quader Siddiqui and Officer-in-Charge Jingbo Ning signed the loan agreement on behalf of ADB.

According to the agreement, the prerequisites for this program have already been achieved. Finance Department and Financial Institutions Department under the Ministry of Finance, Bangladesh Investment Development Authority under the Office of the Chief Adviser and Public Private Partnership Authority will implement this program.

Also as implementers are – Bangladesh Competition Commission under Ministry of Commerce and Directorate of Joint Venture Companies and Firms, Activities Department under Planning Commission, National Board of Revenue and Bangladesh Bank.

The purpose of the policy reform of this program is to strengthen the economic management of the country and to strengthen the transparent and accountable control system for the development of the private sector.

According to the notification sent from the Dhaka office of ADB, ADB is one of the main development partners of Bangladesh. Since getting membership in 1973, the organization has been providing a large portion of financial assistance to Bangladesh. ADB has so far provided loan assistance of 32 thousand 497 million US dollars and grant assistance of 571.3 million dollars to the Government of Bangladesh.

In terms of development assistance in Bangladesh, ADB has generally prioritized the power, energy, transport, education, local government, agriculture, water resources and governance sectors.