South Asia

Development partners join hands over $8b climate fund for Bangladesh

Published: 12:53, 4 December 2023

Multiple development partners have collaboratively pledged $8 billion fund aimed at assisting Bangladesh in both mitigating and adapting to the far-reaching impacts of climate change.

This concerted effort has been initiated under the leadership of the International Monetary Fund (IMF).
Kristalina Georgieva, the Managing Director of the IMF, underscored Bangladesh's crucial role in advocating for heightened awareness regarding the amplified risks posed by climate change to vulnerable nations. She emphasized the imperative need for international cooperation to aid those most in need, stating this in a recent announcement.
Georgieva further highlighted Bangladesh's commendable advancements in fortifying its climate resilience, focusing on adaptation strategies, enhancing preparedness, and advocating for conservation efforts. These statements were made on the sidelines of the ongoing COP28 conference in Dubai.
'We applaud Bangladesh for its steadfast dedication to executing its climate agenda and its relentless endeavors to encourage global collaboration in tackling climate change,' Georgieva added.
This collaborative partnership arises within the framework of several financial arrangements aimed at bolstering climate resilience. This includes the IMF's approval of the $1.4 billion Resilience and Sustainability Facility (RSF) earlier in the year, a programmatic series of Green and Climate Resilient Development (GCRD) Policy Credits by the World Bank amounting to $1 billion, and the Asian Development Bank's (ADB) consistent support for climate-related projects in Bangladesh.
The ADB is currently in the process of facilitating a $400 million policy-based loan for Bangladesh. Additionally, a significant portion, approximately 53 percent, of the ADB's 2023 project financing ($1.9 billion) has been earmarked for climate-related initiatives.
Underlining their commitment, the Manila-based institution has pledged to allocate more than half of its financial support for Bangladesh between 2024 and 2026, totaling $5.5 billion, to aid the government's ambitious climate-focused agenda.