• Tuesday, Oct 26, 2021
  • Last Update : 08:01 pm

ADB launches new partnership strategy for Bangladesh

  • Published at 07:58 pm September 21st, 2021
RMG Worker

Launches new CPS with lending up to $12 billion

The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) for Bangladesh that aims to boost competitiveness, employment, promote green growth, and climate resilience.

CPS for 2021–2025 will help Bangladesh realize its aspiration of becoming an upper middle-income country by 2031 through increased public and private investments in the next 5 years.

It will also support rapid socioeconomic recovery from the Covid-19 pandemic, according to an ADB press release,.

During this period, ADB will increase its lending operations to $10 billion–$12 billion, from $9.6 billion in the past 5 years.

“Sustained growth and appropriate policy measures have helped Bangladesh achieve good development outcomes. Moving forward, the country’s industry and export base need diversification,” said ADB Director General for South Asia Kenichi Yokoyama.

“Diversification in manufacturing and export items, such as agricultural products, information and communication technology, light engineering, and pharmaceuticals, together with increased competitiveness and access to new markets, will be critical in recovering from the COVID-19 pandemic, sustaining rapid economic growth, and generating substantial employment.”


Also Read - ADB to accelerate project implementation for faster socio-economic recovery


ADB will further expand its private sector operations in Bangladesh and continue to leverage a high level of co-financing with other development partners. Improving the banking sector, the ease of doing business, business environment, and investment climate will help accelerate private sector development and promote economic diversification.

The CPS also envisages enhancing ADB operations to support climate change adaptation and mitigation, and disaster risk management to address the country’s high vulnerability to climate events and other natural disasters, in line with the Paris Agreement.

A holistic approach to integrate climate change will be applied to all operations, while expanding programs to directly address climate change impacts through integrated management of water, river, and coastal areas.    

Efforts to reduce poverty will continue. Specific actions to reduce inequality and poverty include effective implementation of the government’s social protection program, more equitable rural and regional development, investments in low-cost housing and basic services—including quality health and education for the poor.

In the next 5 years, Bangladesh aims to reduce poverty from 20.5% to 15.6% and extreme poverty from 10.5% to 7.4% of its population.


Also Read - ADB approves $1.78 billion for Dhaka-Sylhet trade corridor


The new ADB strategy was prepared in close coordination with the government to support the implementation of its Eighth Five-Year Plan, which aims to address the need for higher resource mobilization, diversification of manufacturing and exports, and sustainable urbanization.

ADB has supported Bangladesh’s response against the Covid-19 pandemic with a $940 million loan for vaccine procurement under the Asia Pacific Vaccine Access Facility and other initiatives.

The government has requested $1 billion programmatic budget support for economic resilience and health and social protection, of which $250 million has been provided and the remainder is under preparation for approval in 2021–2023, said the ADB.

52
Facebook 51
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail