ADB to provide $400 million to support climate priorities in Bangladesh
Staff Reporter :
The government of Bangladesh has signed a $400 million policy-based loan agreement with the Asian Development Bank (ADB) to achieve a climate-resilient inclusive development.
Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky, and Edimon Ginting, Country Director at the ADB, signed the loan agreement on behalf of Bangladesh and ADB, respectively, at a ceremony at ERD in Dhaka on Monday.
Bangladesh is one of the world’s most vulnerable countries to the adverse impacts of climate change, recording an annual average loss of about $3 billion.
According to a press release, this assistance is the first subprogram of the indicative $700 million Climate-Resilient Inclusive Development Programme.
Bangladesh is one of the world’s most vulnerable countries to the adverse impacts of climate change, recording an annual average loss of about US$3 billion, “As the region’s climate bank, ADB is committed to support Bangladesh’s progressive actions to strengthen its climate resilience, transition to a low-carbon economy, mitigate its greenhouse gas emissions, and mainstream gender equality and social inclusion in the government’s climate actions,” said ADB country director Edimon Ginting.
The program will create an enabling institutional and policy environment to mobilize climate finance, prioritize climate actions in the country’s overall development agenda, and help the government implement reforms in climate-critical sectors, including agriculture, disaster management, transport and infrastructure, urban development, and energy.
The programme facilitated the creation of the National Committee for Environment and Climate Change headed by the Prime Minister for holistic implementation of the government’s climate priorities across ministries.
The programme will intensively support the government in operational sing the Bangladesh Climate and Development Partnership presented recently at COP 28 and will supports the mainstreaming of climate priorities in government planning and resource allocation, and the mobilization of climate finance through green bonds and sustainable finance policy.
ADB also helps promote climate-resilient city action plans and improved drainage systems for municipalities to reduce urban flooding.
In October 2021, ADB announced it is raising its ambition to deliver climate financing to its developing member countries to $100 billion from 2019 to 2030.
This will expand access to new, climate-focused technologies and mobilize private capital toward climate finance.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 68 members-49 from the region.
