Tag Archives: ADB

MNA Editorial Desk: The Asian Development Bank (ADB) has lauded Bangladesh for achieving self-sufficiency in rice output, but voiced worry over falling income of farming community. “This progress was largely driven by the Green Revolution technologies that put high yielding seed varieties in the hands of our farmers,” Takehiko Nakao, the ADB’s president, told a three-day Rural Development and Food Security Forum that opened in Manila on Monday. The advancement was also accompanied by investments in rural roads and irrigation, and agricultural extension, he added. Bangladesh’s rice production has tripled to more than 35 million tonnes since 1971, when the ...

MNA Business Desk: Bangladesh needs to be serious to get the fourth pillar for its growing economy giving much importance to financial sector development to successfully make the country one of the top 20 economies of the world, says Asian Development Bank (ADB). “Financial sector development can be the fourth pillar of the Bangladesh economy,” said ADB Country Director Manmohan Parkash in an interview with UNB noting that Bangladesh economy is largely driven by domestic consumption, remittance and trade. He said preparing a 10-year roadmap for financial sector development based on three pillars of financial integration, fiscal transparency and financial ...

MNA Business Desk: Asian Development Bank (ADB) President Mr Takehiko Nakao said on Friday they would focus more on quality and innovation in its operations. He announced that the ADB would boost its private-sector operations by one third of its total portfolio by 2024. “To expand private-sector operations, we also target a substantial increase in commercial co-financing,” Mr Nakao told the opening session of the 52nd ADB Annual Meeting in Nadi, Fiji. Fijian Prime Minister Hon Josaia Voreqe Bainimarama and ministries from different countries and delegations were present at the function. At the event, Mr Nakao said the ADB is ...

MNA Business Desk: The Asian Development Bank will extend its support to Bangladesh even after its graduation to a developing country, said its president Takehiko Nakao on Thursday. Praising Prime Minister Sheikh Hasina’s leadership, he said the ADB will help reform Bangladesh’s different initiatives she is very much committed to. Replying to a question of this correspondent at a press briefing at the second day of the 52nd Annual Meeting of the ADB at Nadi in Fiji on Thursday, Mr Nakao said: “Prime Minister Sheikh Hasina wants to be a partner with ADB regarding railway reforms, port reforms and water ...

MNA Business Desk: The government and the Asian Development Bank (ADB) have signed an agreement for $50million in loan to promote microenterprise development for inclusive economic growth and poverty reduction. The assistance will help improve microenterprises’ access to finance through the Palli Karma Sahayak Foundation (PKSF), an apex development finance and capacity building organisation; and its partner organisations. Monowar Ahmed, Secretary, Economic Relations Division (ERD), and Manmohan Parkash, Country Director, ADB, signed the agreement on behalf of Bangladesh and ADB, respectively on Wednesday. The total cost of the project, which is due for completion at the end of 2020, is ...

MNA Business Desk: The government of Bangladesh and the Asian Development Bank (ADB) signed agreements for $110 million in additional loan for a project that is improving access to urban primary healthcare services, reported news agency. Economic Relations Division (ERD) senior secretary Kazi Shofiqul Azam and ADB country director Manmohan Parkash signed the deals on behalf of Bangladesh and ADB respectively, at a ceremony in the city. “This assistance will support the government to provide access to quality health services, especially for poor households in urban areas,” said ADB country director Manmohan Parkash. Parkash said the new financing will focus ...

MNA Business Desk: The Asian Development Bank has projected that Bangladesh will achieve 7.5 percent economic growth in the current fiscal year. The rate is slightly below than the government’s estimate of 7.8 percent. The growth will be achieved due to the increase in private sector investment, export and remittance, the bank said in its Asian Development Outlook 2018 released on Wednesday, reports news agency. In its national budget announced in June, Bangladesh projected 7.8 percent growth for fiscal 2018-19. GDP growth accelerated 7.86 percent in the past fiscal year, surpassing the estimate of 7.65 percent, according to the state-owned ...

MNA Business Desk: The Asian Development Bank’s (ADB) Board of Directors has approved an assistance package totalling more than $357 million for a project to develop two power lines in support of Bangladesh’s national target of electricity for all by 2021. The investments comprise a $350 million ADB loan, a $7 million grant from the Japan Fund for the Joint Crediting Mechanism (JFJCM) to partially finance new high-technology energy efficient conductors, and a $500,000 grant from the Republic of Korea e-Asia and Knowledge Partnership Fund (EAKPF) to promote socially inclusive growth with gender equality said an ADB press release on ...

MNA Business Desk: The Asian Development Bank (ADB) approved grant assistance of $100 million for Rohingyas- the first of an envisaged package totaling $200 million to help Bangladesh develop basic infrastructure and services for the displaced persons (Rohingyas). “Given the scale of the humanitarian needs, we are coordinating closely and promptly with World Bank and other development partners to support the government in addressing the crisis in Cox’s Bazar,” said ADB President Takehiko Nakao. Nakao received the request from Finance Minister Abul Maal Abdul Muhith, for grant assistance when they met in early May. Then ADB developed and processed the ...

MNA Business Desk: The Asian Development Bank (ADB) President Takehiko Nakao has arrived in Dhaka on a two-day visit. The bank’s local office confirmed this to media on Tuesday. President Nakao is scheduled to meet Prime Minister Sheikh Hasina, Finance Minister Abul Maal Abdul Muhith, and other senior officials during his visit. During the visit, he will also visit selected ADB-assisted projects on Tuesday in power, education, urban infrastructure and rail transport sectors, reported news agency. However, he will leave Dhaka on February 28. Bangladesh joined ADB in 1973 and it became the first ADB member to host a field ...

MNA Business Desk: The Asian Development Bank (ADB) has approved $583 million in debt financing and partial risk guarantees for the Reliance Bangladesh Liquified Natural Gas (LNG) and Power Project. The project, which is composed of a power generation facility in Meghnaghat and an LNG terminal near Cox Bazar’s Kutubdia, ADB said in a statement. The total cost of the project is about $1 billion. “ADB’s partnership with Reliance Power will help Bangladesh scale up its energy infrastructure to sustain and support the country’s economic growth,” said Michael Barrow, director general of ADB’s Private Sector Operations Department. “ADB’s role as ...

MNA Business Desk: The Asian Development Bank (ADB) has appointed Manmohan Parkash as new country director for its Bangladesh resident mission. Parkash, an Indian national with more than 32 years of professional experience, assumed his new position on Wednesday, Manila-based ADB said in a media release on Thursday. He succeeds Kazuhiko Higuchi, who went on retirement in early November. Parkash joined ADB in 2002. Prior to his new assignment, he was advisor for ADB’s Operations Services and Financial Management Department, and head for the bank’s Operations Management Unit. As country director for Bangladesh, he will oversee the implementation of the ...

MNA Business Desk: Bangladesh’s economy is expected to grow at 6.9 in the current FY (fiscal year) while the inflation will remain within 6 percent, according to latest report of the Asian Development Bank (ADB). Bangladesh attained 7.2 percent GDP growth in the last fiscal year despite ADB’s forecast of 6.9 percent growth while the country was able to contain inflation at 5.4 percent in the last financial year although the Manila-based lending agency earlier had forecast it at 6.1 percent. Asian Development Outlook (ADO) 2017 Update released by ADB also said the economies of Bhutan and Myanmar are poised ...

MNA Business Desk: A total of two contracts would be signed between Bangladesh government and the Asian Development Bank (ADB) worth of US$ 300 million at Sher-e-Bangla Nagar for Chittagong-Cox’s Bazar Railway Project, Phase-1-Tranche-1under South Asia Sub-regional Economic Cooperation (SASEC), said an official of Economic Relations Division (ERD). The objective of the project is to construct the Single Line Dual Gauge (DG) Railway Track from Chittagong to Cox’s Bazar via Ramu to Gundum in Myanmar, the official said. Rail connectivity to Cox’s Bazar will boost tourism as Dhaka’s passengers will be able to reach the coastal resort city in only ...

MNA Business Desk: Finance Minister Abul Mal Abdul Muhith will leave Dhaka for Japan tonight to join the 50th Annual General meeting of the Asian Development Bank (ADB) in Yokohoma. Economic Relations Division (ERD)’s secretary Quazi Shafiqul Azam will accompany the minister. The Finance Minister is expected to return on May 9. ADB Secretary Woochong Um extends an advanced welcome to delegates of the 50th Annual Meeting of the ADB Board of Governors. Held on the theme “Building Together the Prosperity of Asia,” the event will be an opportunity for delegates to reflect on the lessons from the first 50 ...

MNA Business Desk: Asian Development Bank (ADB) in its annual publication ‘Asian Development Outlook 2017’ stated the global lender projects Bangladesh to grow by a moderate 6.9 percent in FY 2017 and expects it to remain unchanged in the next fiscal year. Bangladesh’s economy recorded a robust growth in FY2016 on the back of higher private sector investment and exports despite declining remittance inflow, it also added. The report also said that Bangladesh’s current account surplus expanded in FY2016 and inflation slowed. “Continued high growth will require a rebound in remittances and higher exports. Productive jobs are needed in manufacturing ...

MNA Business Desk: The Asian Development Bank (ADB) will provide US$ 8 billion to Bangladesh for implementing its ongoing 7th Five-year plan (2016-2020). This was stated at ADB’s Bangladesh Country Partnership Strategy 2016-2020, launched here on Wednesday at an event at National Economic Council (NEC) auditorium. ADB Country Director K Higuchi and Economic Relations Division (ERD) senior secretary Mohammad Mejbahuddin jointly launched the partnership strategy, reported news agency. The ADB will adopt a broad-based approach to respond flexibility to the needs and demand of the country over the country partnership strategy (CPS) during the period. In 2015, the Government of ...

MNA Business Desk: The Asian Development Bank (ADB) will provide $1.5 billion to Bangladesh to build a dual-gauge railway line that will bring key trade and tourism to Bangladesh’s southernmost parts, reported news agency. The new railway, part of the Trans-Asia Railway network, will also advance entrance to Myanmar and beyond. The Trans-Asia Railway – an initiative led by United Nations Economic and Social Commission for Asia and the Pacific – aims to provide seamless rail links between Asia and Europe to better connect people and markets. “The planned 102-kilometer stretch of railway will connect the tourist town of Cox’s ...

MNA Business Desk: As news agency reports, the government contracted $275 million loan agreement with the Asian Development Bank (ADB) for improving and expanding water supply system in Dhaka in 17 July. Mohammad Mejbahuddin, Senior Secretary, Economic Relations Division (ERD), and Kazuhiko Higuchi, Country Director, Bangladesh Resident Mission of ADB, signed the agreement on behalf of Bangladesh and ADB respectively at a ceremony at ERD, Sher-e-Bangla Nagar. Sewerage Authority (DWASA) and Dhaka Water Supply will implement $408 million project. Of the amount, ADB will provide $275 million from its general capital resources under a soft-term loan agreement. “Dhaka city is ...