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Sustainable development

ADB Reaffirms Commitment to Supporting Bangladesh's Inclusive and Resilient Development

Strategic Insights

— 1 min read

Asian Development Bank (ADB) Vice-President Shixin Chen met with Bangladesh's top officials, including Prime Minister Sheikh Hasina and Finance Minister A H M Mustafa Kamal, during a 6-day visit to the country. The meeting aimed to reaffirm ADB's commitment to supporting Bangladesh's rapid recovery from the COVID-19 pandemic and its aspiration to become an upper middle-income country by 2031 and a high-income country by 2041. Mr. Chen emphasized the importance of continued prudent macroeconomic management and highlighted the need for reforms to improve operational efficiency of the railways and project implementation.

Key Takeaways:

  • ADB Vice-President Shixin Chen met with Bangladesh Prime Minister Sheikh Hasina, reaffirming ADB's commitment to supporting the country's rapid recovery from the COVID-19 pandemic.
  • ADB will prioritize assistance for least developed country graduation, climate change, and sustainable development goals to help Bangladesh achieve its development aspirations.
  • Chen commended the overall management of the economy and swift actions to support strong economic recovery from the pandemic, but emphasized the need for continued prudent macroeconomic management.
  • The meeting covered various areas, including the implementation of the Delta Plan 2100, education, health, energy, railway development, and blue ocean economy.
  • ADB Vice-President Chen also met with Railways Minister Nurul Islam Sujon to discuss reforms to improve operational efficiency and project readiness for future projects.
  • The ADB-assisted South Asia Subregional Economic Cooperation (SASEC) Chattogram - Cox's Bazar Railway Project, Second Chattogram Hill Tracts Rural Development Project, Power System Efficiency Improvement Project, and Power System Expansion and Efficiency Improvement Investment Program were also visited during the trip.

Statistics:

  • ADB's cumulative assistance to Bangladesh since 1973 amounts to about $48 billion as of 31 December 2021, including loans, grants, and cofinancing.
  • ADB's active portfolio in the country stands at around $11 billion with 50 projects as of April 2022.

Sources:

  • Pivotalsources.com
  • SyndiGate Media Inc. (Syndigate.info)

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