Bangladesh signs $600m loan agreement with ADB
The Government of Bangladesh (GoB) and the Asian Development Bank (ADB) have entered into a $600 million loan agreement, equivalent to 91.76 billion Japanese Yen (JPY 91,764,000,000), under the Ordinary Operations Regular Policy-Based Loan (PBL) framework.
A press release from the Ministry of Finance announced that the agreement, aimed at driving policy reforms to improve economic management and governance, was signed today during a ceremony in Dhaka.
Md Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD) under the Ministry of Finance, and Jiangbo Ning, Officer-in-Charge of ADB's Bangladesh Resident Mission, signed the agreement on behalf of their respective institutions. The event was attended by senior officials from the government and ADB.
This financial assistance falls under the 'Strengthening Economic Management and Governance Program, Subprogram-1,' developed by the Finance Division. The program seeks to introduce policy reforms for robust economic management and establish a transparent, accountable regulatory environment conducive to private sector growth.
The initiative involves collaboration between several government entities, including the Finance Division, Financial Institutions Division, Bangladesh Investment Development Authority, Public-Private Partnership Authority, Bangladesh Competition Commission, Registrar of Joint Stock Companies, Programming Division of the Planning Commission, National Board of Revenue, and Bangladesh Bank.
According to the terms of the agreement, the program's objectives have already been achieved through reforms in three key areas. These include enhancing fiscal management to optimize resource allocation, improving governance of state-owned enterprises (SOEs) to attract private sector investments, and refining trade policies and logistics to boost competitiveness and streamline economic operations.
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