Saturday, October 16, 2021

Bangladesh: ADB approves USD 250 million loan for economic recovery programme

The Asian Development Bank (ADB) has approved a USD 250 million loan to Bangladesh for economic recovery following the COVID 19 pandemic in the country. This is the first installment of the USD 500 million Sustainable Economic Recovery Programme for Bangladesh.

The Sustainable Economic Recovery Programme aims to generate employment and expand economic activities for micro-entrepreneurs and small businesses.

The loan will support the government’s planned investment in education, health, social protection and infrastructure to help stimulate economic activities and recovery. It is also aligned with Bangladesh’s aspiration to become an upper middle-income country by 2031.

ADB Principal Financial Management Specialist Srinivasan Janardanam said that the programme is expected to increase the efficiency in public investment management and create a favourable environment for access to credit, particularly for the poor and vulnerable.

The program aims to expand the tax base, improve compliance and strengthen enforcement, rationalize tax exemptions, and modernize tax administration. It will also encourage more women-led start-ups by earmarking 10 percent of new start-up financing for them.

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