A $71 million loan and project agreement has been signed between the Government of Bangladesh and the Asian Development Bank (ADB). ADB will provide loans to implement the Climate Resilient Integrated Southwest Project for Water Resources Management.
These two agreements were signed yesterday. On behalf of the Government of Bangladesh, Secretary of the Department of Economic Relations of the Ministry of Finance. Both agreements were signed by Shahriar Quader Siddiqui and Bangladesh Resident Mission Country Director Edimon Ginting on behalf of ADB. At that time senior officials of Bangladesh Government and ADB’s residential mission were present.
The project will be implemented by the Bangladesh Water Development Board (BAPUBO) under the Ministry of Water Resources. It will be possible to achieve sustainable development through the implementation of integrated water resources and participatory water management plans, and through the development of integrated water resources and participatory water management plans, increasing agricultural and fisheries production by reducing the waterlogging of the project area through ancillary development.
Besides, a water management association will be formed to maintain the long-term sustainability of the benefits derived from the project. The implementation period of the project is from January 2024 to December 2028.
The loan is available on ADB’s flexible terms, with an interest rate of 2 percent and a total repayment period of 25 years with a grace period of five years. There are no other charges.
ADB is one of Bangladesh’s leading development partners. Since gaining membership in 1973, Bangladesh has been consistently receiving financial assistance from ADB in various priority sectors of its economy. ADB has so far provided loan assistance of 31 thousand 547.47 million dollars and grant assistance of 571.2 million dollars to the Government of Bangladesh. In terms of development assistance in Bangladesh, ADB generally prioritizes power, energy, transport, education, local government, agriculture, water resources and good governance.
