Bangladesh seeks innovative, flexible financing for recovery

Staff Correspondent

7 May, 2021 12:00 AM printer

ADB should come forward with innovative and flexible mode of financing with a strategic focus on some key areas in order to help developing members address ravages of COVID-19, Economic Relation Division (ERD) Secretary Fatima Yasmin has said.

In particular, the focus should be on human capital development, skill development, health, education and quality infrastructure and climate change, she said.

“Trusted and effective partnership can help the DMCs to contain the adverse impact of COVID-19 as well as to foster collaboration for resilient and green recovery, investing more in renewable, energy efficient and green projects,” Fatima, also ADB’s alternate governor, remarked in a statement.

She was speaking at 54th Annual Meeting of the Board of Governors of the Asian Development Bank held virtually from May 3-5 with the theme ‘Collaboration for Resilient and Green Recovery.’

She called upon ADB that it can help explore pooled procurement mechanisms for vaccines for facilitating pandemic management.

“Climate change impacts are becoming threat to sustainable development efforts in the DMCs and hence climate financing is a critical issue that needs to be addressed,” she stressed.

ADB support should also range from unlocking private sector potential to social protection, ICT based entrepreneurship and enhancing regional cooperation and connectivity.

She said innovative and affordable financing models can help unleash potentials of private sector so that the developing member countries (DMCs) can reap benefits for achieving sustained economic growth.

ERD secretary mentioned that Bangladesh needs to improve its quality of education and learning to cope with the challenges of fourth industrial revolution,

She also sought ADB’s help in introducing innovative, resilient and modern financial system for the private sector, skills development and up-skilling, certification, job placement in middle and higher levels of management; capital market development by introducing offshore bond, local currency bond and a robust and operational insurance market primarily for health coverage.

ADB has announced $20 billion package to mitigate economic and health crisis of Covid-19. It also rolled out APVAX facility of S$9 billion for the Developing Member Countries (DMCs).

In his closing remarks, ADB president Masatsugu Asakawa expected that The Asia and the Pacific region can emerge from the coronavirus disease (COVID-19) pandemic “even stronger than before” by focusing on five areas to help achieve a prosperous, inclusive, resilient, and sustainable future.

The areas are: climate actions, narrowing inequality and gender gap, high-quality green and digital infrastructure, regional integration and enhancing domestic resources.