Monday, 29 May, 2023

ADB to lend $230m for 5 projects

The projects include development of railways, renovation of flood-damaged roads and installation of tube wells

  • Staff Correspondent
  • 31 March, 2023 12:00 AM
  • Print news

Asian Development Bank (ADB) will give Bangladesh $230 million (Tk 23 billion) as loan support to help implement five projects including one to repair flood damaged roads and installing tube wells.

Planning Minister MA Mannan told this after a meeting with ADB Country Director Edimon Ginting at the former’s office in Dhaka on Thursday.

While talking to the reporters, Mannan said that the projects under the support would range from development of railways to renovating flood-damaged roads and installing tube wells to ensure drinking water in flood-affected areas.

However, the approvals are delayed although this has been completed, the minister said.

“Now, our goal is to get the projects approved very soon. And then the Economic Relations Division (ERD) will finalise different aspects of the loan contract,” he said.

The planning minister also told reporters that they were expecting budget support from the ADB, the Manila-based lender, which could be available very soon.

ADB country director Edimon Ginting said, “We have always given support to Bangladesh, but the country also needs to raise revenues. Reforms are necessary in this area, especially support will be given to amend the Income Tax Ordinance.”

About the budget support, he said, they were working on the issue and internal efforts were active to this end. About the project approvals, he stated that the loan signing activity would start once the projects were approved. 

When drawing attention to reforms, the planning minister said: “Reforms are an ongoing process. We are initiating reforms. Sometimes, we also do reforms on friends’ suggestions.”

He added that the government attached the “highest importance to reform of the National Board of Revenue (NBR) as the institution plays a key role in the country’s revenue earning.”

ADB’s external affairs division chief Gobida Bar was also present in the meeting.