As the economy shows early signs of recovery, concerted efforts, and special measures by line ministries and the project executing agencies can help speed up economic recovery and job creation, says the ADB
The government and the Asian Development Bank (ADB), at a tripartite portfolio review meeting (TPRM) on Wednesday agreed on special actions to further accelerate implementation of ADB-assisted projects.
Fatima Yasmin, secretary, Economic Relations Division (ERD), and Manmohan Parkash, country director, ADB, co-chaired the virtual TPRM.
Around 300 senior government officials, project directors, and ADB staff participated in the second such review meeting in 2020.
Faster project implementation is a key to expedite the post-pandemic, socioeconomic recovery by delivering enhanced development benefits to the people early and quickly, said ADB Country Director Manmohan Parkash.
As the economy shows early signs of recovery, concerted efforts, and special measures by line ministries and the project executing agencies can help speed up economic recovery and job creation, he further remarked.
Explaining the measures that are needed to further improve project implementation, Parkash said: “Expeditious procurement, engaging good consultants and contractors, effective contract management, properly managing land acquisition and resettlement, sound financial management, prudent project design, and speedy DPP/TPP approval/revision can help achieve better project outcomes.”
"Today, we have agreed to implement special actions to ensure faster delivery of project results by maintaining highest standards of health and safety protocols to avoid Covid-19 risks in project implementation, Parkash added.
The special actions for enhancing project performance include accelerating approval and paying mobilization advance for large contracts, implementing health safety guidelines, and offering virtual training opportunities to the project staff and beneficiaries.
ADB’s current portfolio has 52 projects with around $11 billion under sovereign portfolio.
It focuses its cooperation in Bangladesh in six sectors—energy; transport; water and urban/municipal infrastructure and services; education; finance; and agriculture, natural resources, and rural development.
ADB’s cumulative lending to Bangladesh stands at around $36.6 billion in loans and grants, including co-financing.