Finance Minister seeks increased concessional finance, policy based lending supports from ADB

Finance Minister AH Mahmood Ali on Thursday sought policy-based lending (PBL) supports from the Asian Development Bank (ADB) for undertaking trade policy, logistics, climate and LDC graduation reforms.

During a bilateral meeting with the President of the ADB and the Chairperson of ADB's Board of Directors Masatsugu Asakawa, Minister Ali also requested ADB to increase concessional climate finance and facilitate cross-border energy trade.

In the meeting held on the sidelines of the 57th annual meeting of the Manila-based ADB,  he also requested the ADB to assist Bangladesh in its initiatives for tax sector reform, undertaking projects for river restoration and developing some of the thrust sectors of its economy such as, jute, leather and tourism towards Bangladesh’s drive for diversifying economy.

In response, the ADB president praised the Bangladesh government’s strong climate and development agenda, and assured ADB’s continuous support, both in sovereign and non-sovereign resources, in Bangladesh’s prioritized sectors.

Finance Minister Ali is currently leading a seven-member Bangladesh delegation to the 57th annual meeting of ADB at Tbilisi in the capital of Georgia.

On his first day of engagement into the ADB Meeting, the minister attended a high-level panel titled “Harvesting  hope; ensuring a food secure, climate resilient Asia and the Pacific” alongside a distinguished panel of speakers.

In his remarks, Ali highlighted how Bangladesh despite a land-scarce country emerged globally as the third largest producer of rice and vegetables by increasing food production, supporting agriculture and expanding social safety programs under the guidance of Prime Minister Sheikh Hasina’s inclusive development policies.

The minister sought increased support from the development partners including ADB to improve Bangladesh’s food distribution system, develop market connectivity and scale up innovation in agriculture in the wake of climate challenges.

ADB has been a major source of external assistance to Bangladesh, providing an average of $2 billion per year since 2016.

ADB assistance is aligned with Bangladesh’s Eighth Five-Year Plan, 2021–2025, and Perspective Plan, 2021–2041.

To date, ADB has committed 726 public sector loans, grants, and technical assistance totaling $31.8 billion to Bangladesh.

ADB’s current sovereign portfolio in Bangladesh includes 75 loans and 4 grants worth $13 billion.

ADB President Masa Asakawa took a tour of the venues of the 57th annual meeting, which was opened in Tbilisi, Georgia.

Over the next few days, meeting delegates will discuss the key issues shaping Asia and the Pacific - including climate change, artificial intelligence, and green globalization - and the opportunities and challenges that lie ahead.

The Bangladesh finance minister, who arrived here on May 1, will have a series of meetings during his stay in Georgia.

On Friday, he will have a bilateral meeting with the US delegation.

Minister Ali will also have a meeting with ADB Vice President (Region-1) Yingming Yang.

He will join ADB president's reception on Friday evening.

The finance minister is scheduled to leave Tbilisi on Monday morning.