ADB to provide Bangladesh $300 million loan

Asian Development Bank (ADB) will provide Bangladesh USD$300 million to enhance the skills of labour force, create more employment and elevate remittance.

A loan agreement was signed between the Bangladesh government and the ADB at ERD in the capital on Monday.

Sharifa Khan, secretary of Economic Relations Division (ERD) and Jiangbao Ning, Deputy Country Director of ADB assigned to Bangladesh, signed the agreement.

The Finance Department of the Ministry of Finance will implement the program titled 'Skills for Industry Competitiveness and Innovation Program' in the period 2024-2041 with the collaboration of different government and private training institutions.

The objectives of this program are to increase the flow of remittances by sending skilled manpower abroad and providing technical and ICT based training to labour force to enhance their skills.

Finance Division will be responsible for fund management and coordinator of this program, said a press release.

ADB is one of the largest multilateral Development Partners of Bangladesh extending assistance to the country since it became a member of ADB in 1973. ADB's total loan to Bangladesh till now is more than US$ 29,664 million and US$ 553.4 million as grant.

The development assistances of ADB mainly focus on power, energy, local government, transport, education, agriculture, health, water resources, governance and financial sectors of Bangladesh.

Read More