$250m budget support deal signed with ADB to improve social safety
Asian Development Bank (ADB) headquarters in Manila. Photo: Collected
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Asian Development Bank (ADB) headquarters in Manila. Photo: Collected
The government has signed a deal with the Asian Development Bank (ADB) for $250 million budget support aiming at strengthening Bangladesh’s social protection system.
Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky and ADB Country Director Edimon Ginting signed the loan agreement on behalf of their respective sides at the ERD in Dhaka on Monday.
Agreements for budget support totalling $1.25 billion are expected to be signed this month, including the ADB’s $250 million, sources at the ERD said.
Of the total, $500 million is expected to come from the World Bank, $400 million from the Asian Infrastructure Investment Bank (AIIB), and $100 million from South Korea.
ERD officials said they hope that the budget supports will help bolster the country’s struggling foreign currency reserves.
This fiscal year marks the second instance of the government receiving over $2 billion in budget support from development partners.
Previously, the highest recorded budgetary assistance stood at $2.597 billion in fiscal 2021-22, according to ERD.
