Thursday 23, March 2023

ADB to prioritise assistance for Bangladesh's LDC graduation

Time Digital Report: The Asian Development Bank (ADB) will prioritize its assistance to Bangladesh for graduation from LDC, climate change and sustainable development goals.

This is to help the country achieve its goal of becoming an upper-middle-income country by 2031 and a high-income country by 2041.

ADB Vice-President Shixin Chen made the commitment during his meeting with Prime Minister Sheikh Hasina on May 9 in Dhaka, according to an ADB press release.

He also reaffirmed ADB's commitment to supporting rapid recovery from the Covid-19 pandemic, as well as inclusive, resilient, and green development in Bangladesh.

"In alignment with the government's policies, ADB's support for Bangladesh will focus on boosting competitiveness, employment, and private sector development; promoting green growth and climate resilience; and strengthening human capital and social protection," Chen told the PM at the meeting.

In his meeting with the finance minister and ADB Governor AHM Mustafa Kamal, Chen commended the overall management of the economy and swift actions to support strong economic recovery from the pandemic.

He also emphasized the importance of continued prudent macroeconomic management, against the backdrop of heightened external risks.

Chen also met Railway Minister Nurul Islam Sujon and discussed reforms to improve the operational efficiency of the railways, faster project implementation, and ensure high project readiness for potential future projects, including the Dhaka–Cumilla chord line project currently being prepared with ADB's support.

Chen met with the Planning Minister MA Mannan and assured ADB's continued support for the implementation of Delta Plan 2100, education, health, energy, railway development, and blue ocean economy.

During his 6-day visit to Bangladesh on May 8, Chen also held discussions with other senior officials, development partners, and representatives from the private sector.

He also visited the ADB-assisted South Asia Subregional Economic Cooperation (SASEC) Chattogram–Cox's Bazar Railway Project, Second Chattogram Hill Tracts Rural Development Project, Power System Efficiency Improvement Project, and Power System Expansion and Efficiency Improvement Investment Program, and interacted with project beneficiaries.

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