The Asian Development Bank and the World Bank have approved loans worth USD 1.5 billion to help Bangladesh reform its banking sector, fight climate change among other projects, according to a media report on Friday.
The Asian Development Bank (ADB) approved a USD 900 million loan, of which USD 500 million will support efforts to stabilise and reform the country’s banking sector, while the remaining USD 400 million will promote climate-resilient and inclusive development initiatives, The Daily Star newspaper reported.
The USD 500 million policy-based loan aims to strengthen governance, asset quality and stability within Bangladesh's banking system, the ADB said in a statement on Thursday.
Separately, the ADB also approved a USD 400 million loan for the second phase of the Climate-Resilient Inclusive Development Programme (CRIDP) aimed at supporting Bangladesh's efforts to adapt to climate change, cut emissions and foster inclusive economic growth.
Also on Thursday, the World Bank (WB) approved USD 640 million for two projects aimed at enhancing gas supply and improving air quality in Bangladesh.
With the ADB and WB approvals, Bangladesh is set to receive more than USD 1.5 billion -- a development that will ease the continued strain on its foreign currency reserves.
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