Asian Development Bank (ADB) has provided (USD) $ 150 million loan aiming to facilitate employment creation and help retuning migrants, youth and rural entrepreneurs recover from the adverse impact of the COVID-19 pandemic.
A loan agreement was signed between the government and ADB in this regard on Monday.
Fatima Yasmin, secretary, Economic Relations Division (ERD), and Edimon Ginting, country director, Bangladesh Resident Mission of ADB, signed the loan agreement on behalf of their respective sides.
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The project will be implemented by Bangladesh Bank (BB) with a view to foster recovery from the detrimental effects of Covid-19 pandemic by restoring employment, income and economic activities.
Soft loans will be provided to unemployed or underemployed youth, returning migrants and rural entrepreneurs with a focus on women.
ADB is one of the largest multilateral development partners of Bangladesh extending assistance to the country since it became a member of ADB in 1973. The ADB’s total loan to Bangladesh till now is more than $26.75 billion and total grant is about $1053 billion.
Read: ADB approves $150 million loan to Bangladesh to help recovery of Covid-hit enterprises
The development assistance of ADB mainly focuses on power, energy, local government, transport, education, agriculture, health, water and financial sector development of Bangladesh.