ADB unveils 2021-2023 program to address pandemic, revive growth in Bangladesh

The Asian Development Bank (ADB) has programmed a 5.9-billion-U.S. dollar firm and a 5.2-billion-U.S. dollar standby project assistance for Bangladesh in 2021-2023, according to the new Country Operations Business Plan (COBP) for Bangladesh.

"Given the coronavirus disease (COVID-19) pandemic, we are enhancing our partnership with Bangladesh by adjusting program priorities to help the country overcome immediate challenges related to health and social protection, accelerate economic recovery, and maintain inclusive growth," ADB Country Director for Bangladesh Manmohan Parkash was quoted as saying in a statement Thursday.

According to the COBP, 5,938 million U.S. dollars is for firm projects while another 5,170 million U.S. dollars is for standby projects, and 35.6 million U.S. dollars for technical assistance programs during 2021-2023.

The standby list includes a pipeline of bankable projects that respond to the country's needs and growing absorptive capacity, to be financed depending on the availability of additional lending resources.

Regardless of firm or standby status, ADB said its projects will be selected and processed based on strong government demand, sector absorptive capacity, and readiness, among other criteria.

The COBP is aligned with the guiding principles of the Bangladeshi government's eighth five-year plan and its core themes of promoting prosperity and fostering inclusiveness, and ADB's Strategy 2030, it added.