ADB-funded projects to be accelerated for faster socio-economic recovery

Staff Correspondent

25 March, 2021 12:00 AM printer

The government and Asian Development Bank (ADB) have agreed on accelerating ADB-assisted projects in Bangladesh for faster socio-economic recovery. 

At a tripartite portfolio review meeting (TPRM) held in Dhaka on Wednesday, they reviewed the 2020 portfolio performance and agreed on short and medium-term roadmaps for 2021-2022 in this regard. 

Economic Relations Division (ERD) Secretary Fatima Yasmin and ADB Country Director Manmohan Parkash co-chaired the virtual TPRM, says an ADB release.

Around 300 senior government officials, project directors, and ADB staff participated in the first such review meeting in 2021.

“Post pandemic, we are focusing on accelerated project implementation for faster socioeconomic recovery,” said Manmohan Parkash, adding: “Expediting procurement, accelerating approval, mobilizing consultants and contractors early, and implementing health safety guidelines are some of the special actions agreed today.”

“We also agreed on the need for engaging good consultants and contractors, effective contract management, efficient land acquisition and resettlement, proper implementation of environmental management plan, and sound financial management, in addition to ensuring proper readiness before processing projects,” he added. 

The meeting reviewed the progress of actions agreed in late 2020, and readiness status of 2021 pipeline projects. Specific actions were agreed for slow moving projects to utilize the project money expeditiously. 

ADB’s current sovereign portfolio has 52projects with $11.26 billion. ADB operates in Bangladesh in six sectors—energy; transport; water and urban or municipal infrastructure and services; education; finance; and agriculture, natural resources, and rural development.               

The cumulative lending to Bangladesh stands at around $39 billion in loans and grants, including co-financing.

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.