ADB to provide $2 billion loan to Bangladesh

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loan

MNA Business Desk: The Asian Development Bank (ADB) is planning to almost double its loan size to $1.8-$2 billion for Bangladesh this year, reported news agency.

“…Bangladesh is really an ‘emerging economy’ if you see at its Forex reserves this year. We’re negotiating with the government for providing loans ranging from $1.8-$2 billion which is almost twice than the last year,” said director general of ADB’s South Asia Department Hun Kim here on Sunday.

Hun Kim was responding to a volley of questions from a group of journalists on the last day of the 50th Annual Meeting of the Board of Governors of ADB held at the Pacifico Yokohama Conference Center.

The DG said the ADB itself will provide $650 million for a single project on power transmission and distribution in Bangladesh alongside continuing its assistance for railway and road connectivity taking up the overall assistance to over a billion dollar.

“As far as we’re concerned, Bangladesh is doing right in terms of economic policy and implementation because we’re focusing more on manufacturing and export orientation,” Hun said.

About ADB’s this year’s commitment, he said, “Last year, the ADB’s assistance to Bangladesh amounted to $1.1 billion, and there is going to be a big jump this year with $1.8 billion.”