Bangladesh to receive $2bn credit from ADB in FY23

Finance Minister AHM Mustafa Kamal urges ADB to provide more development support to the country

Published : 20 Sept 2022, 05:49 PM
Updated : 20 Sept 2022, 05:49 PM

The Asian Development Bank will provide Bangladesh with $2 billion in loan assistance in the current 2022-23 fiscal year. 

ADB Resident Director Edimon Ginting made the announcement during a courtesy call on Finance Minister AHM Mustafa Kamal at the Secretariat in Dhaka on Tuesday, according to a statement from the ministry. 

The loan assistance is being processed for the development projects adopted as per the development goals of the government, said the statement, citing Ginting.

As one of the main development partners of Bangladesh, ADB has provided $27.55 billion in loan assistance to the South Asian nation since its independence in 1971.

Promising to stand by Bangladesh, Ginting said they will continue to support the country's rural and urban development and encourage investment in climate-resilient development. 

Kamal will attend ADB’s annual board meeting scheduled to be held from Sept 26 to 30. 

The finance minister thanked the ADB for providing assistance to Bangladesh to overcome the economic impact of the coronavirus pandemic. 

He also asked the ADB to extend more development support to meet the challenges it will face after its economic graduation to a developing country. 

ADB has been cooperating with Bangladesh from the beginning to restore the social and economic security of the country to overcome the COVID-19 pandemic and ADB will continue to do so in the future, said Ginting.

Toufique Imrose Khalidi
Editor-in-Chief and Publisher