ADB approves $0.5m grant for Bangladesh

Staff Correspondent

17 December, 2020 12:00 AM printer

Asian Development Bank (ADB) has approved 0.5 million US dollar grant assistance for supporting knowledge work to promote business competitiveness and intra-regional trade of Bangladesh.

In a statement on Wednesday, the Manila-based lender mentioned the assistance is additional to an earlier grant of $2 million approved in 2018 for creating innovative knowledge solutions on strategic issues for Bangladesh’s economic transformation.

Regarding the grant, ADB country director Manmohan Parkash said Bangladesh needs to significantly increase foreign direct investment and intraregional trade to further propel the ongoing growth and development in addition to export diversification and enhanced domestic resource mobilization.

“The countries that score high on doing business rankings have several common features such as sound business regulation with a high degree of transparency, and widespread use of digital systems,” he added.

Bangladesh can gain significantly by modernizing its property registration system, as well as improving online business incorporation procedures, tax filing system, and contract enforcement system.

According to the World Bank (WB) Ease of Doing Business 2020 index, Bangladesh ranked 168, up by eight notches from 176 in 2019 out of 190 economies.