Bangladesh expects $12b to $15b from ADB till 2025: ministerStaff Correspondent | Published: 00:24, Sep 28,2022
A flow of $12 billion to $15 billion loan assistance would be made available for the country till 2025 from the Asian Development Bank, said finance minister AHM Mustafa Kamal on Tuesday.
The minister expressed his optimism during a meeting with ADB president Masatsugu Asakawa alongside the bank’s ongoing annual general meeting at its headquarters in Manila.
The finance minister reached Manila on Monday to attend the annual general meeting concluding on Friday.
According to a message reached in Dhaka on the day, the finance minister during his talks with the ADB president apprised the latter of the Bangladesh-ADB partnership strategy 2021-2025 designed to support different national goals set by the country.
To achieve the goals and keep development up, assistance from the ADB is important, said the finance minister.
He called upon the ADB president to extend concessional loans for projects on mitigating climate challenge instead mixed loans.
Mustafa Kamal also expects concessional loans for projects aiming to face the challenges of Fourth Industrial Revolution.
The ADB president, according to the message, assured Bangladesh of continuing support while praising the country’s overall socio-economic progress.
He also lauded Bangladesh for its measures to tackle the pandemic.
The ADB president called the construction of Padma Multipurpose Bridge with own resources a sign of Bangladesh’s ability.
The finance minister, however, noted that the country’s laudable 6 per cent plus growth in gross domestic product over the past 13 years faced challenges due to the pandemic and current global economic uncertainty caused by the ongoing war between Russia and Ukraine.
He stated that Bangladesh needed budget assistance and loans from Policy-Based Lending for keeping up the country’s progress.
PBL provides developing member countries of the ADB with fast-disbursing budget support that provides the bank with scopes to influence policy reform on growth and poverty reduction.
Promoted as a lower middle-income country since 2015 as per the World Bank criteria, Bangladesh is set to leave the least-developed countries’ block from 2026, and will be recognised as a developing country.
The finance minister also informed the ADB president that Bangladesh owed the bank $11.69 billion in loans after the country received $27.6 billion from it.
He noted that Bangladesh never failed in debt payment in the past 51 years.
According to another message of the finance ministry on the same day, Mustafa Kamal held a meeting with the Philippines finance minister, and called for steps to enhance trade between two countries.
He said that the bilateral trade between Bangladesh and the Philippines was only $108 million.
A flow of $12 billion to $15 billion loan assistance would be made available for the country till 2025 from the Asian Development Bank, said...