Business Report :
The government has signed an agreement with Asian Development Bank (ADB) for Police based Loan (PBL).
Under the agreement ABD would provide JPY ninety-one billion seven hundred sixty-four million (equivalent to $600 million) to Bangladesh for ‘Strengthening Economic Management and Governance Programme (Subprogram-1)’, said an ERD press release on Wednesday.
Md. Shahriar Kader Siddiky, Secretary, Economic Relations Division (ERD), Ministry of Finance and Jiangbo Ning, Officer-in-Charge, Bangladesh Resident Mission, ADB signed the Policy Based Loan agreement on their respective sides.
Strengthening Economic Management and Governance Programme (Subprogram-1) was developed by the Finance Division for necessary reform to strengthen economic management and establish a transparent and accountable regulatory regime for private sector development.
The programme will be implemented by Finance Division and Financial Institutions Division of the Ministry of Finance, Bangladesh Investment Development Authority and Public-Private Partnership Authority of the Chief Adviser’s Office, Bangladesh Competition Commission and Registrar of Joint Stock Companies and Firms of the Ministry of Commerce, Porgramming Division of the Planning Commission, National Board of Revenue and Bangladesh Bank.
According to the loan agreement, the objectives of this programme are- 1. Fiscal management strengthening. 2. State Owned Enterprise governance and investment climate improvement, and 3. Trade policy and logistics strengthening.
ADB is one of the largest multilateral Development Partners of Bangladesh which is extending assistance to the country since getting membership of ADB in 1973.
ADB’s total aid to Bangladesh till now is above US$ 32497.47 million (Loan) and US$ 571.2 million (Grant).
Development assistance of ADB mainly focuses on power, energy, local government, transport, education, agriculture, health, water resources, governance and financial sectors of Bangladesh.
