Asian Development Bank (ADB) Vice President Yingming Yang has said he is encouraged to see Bangladesh’s advanced preparation for the post-LDC graduation era, including adequately dealing with the financing and market access challenges that will also be outlined in the next five-year plan. “I have noticed a strong drive for meaningful reforms to address medium-term economic and development challenges,” he told UNB in an exclusive interview on Thursday before wrapping up his Bangladesh visit. The vice-president who is responsible for the management of the operations of ADB’s Central and West Asia Department and South Asia Department, said the sincerity of the government in building resilience to climate change, which will help mitigate macroeconomic and fiscal risks, is laudable. Revenue-based fiscal consolidation, quality infrastructure and human capital development, diversification of trade, increasing foreign direct investment, lowering financial sector vulnerabilities along with the reduction of non-performing loans, enhancing investment climate, and strengthening governance are widely discussed and prioritised, Yang said.

The number of people aged 60 and above in developing Asia and the Pacific is set to nearly double by 2050 to 1.2 billion—or about a quarter of the total population—significantly increasing the need for pension and welfare programs as well as healthcare services, said a new report on Thursday (May 02, 2024). At the same time, economies have an opportunity to reap a “silver dividend” in the form of additional productivity from older people, which could boost gross domestic product in the region by 0.9% on average, said the Asian Development Bank (ADB). “Asia and the Pacific’s rapid development is a success story, but it’s also fueling a huge demographic shift, and the pressure is rising,” said ADB Chief Economist Albert Park.  “Governments need to prepare now if they’re going to be able to help hundreds of millions of people in the region age well. Policies should support lifetime investment in health, education, skills, and financial preparedness for retirement. Family and social ties are also important to foster healthy and productive populations of older people and maximize their contribution to society.” Developing Asia and the Pacific is unprepared to secure the well-being of its rapidly aging population as the growing share of older people in the region face challenges from low pension coverage to health problems, social isolation, and limited access to essential services, according to the multilateral development bank. ADB, WTO strengthen collaboration for sustainable economic growth in Asia-Pacific region While longer lifespans reflect the region’s development success, comprehensive policy reforms are urgently needed to support the welfare of older people, according to “Aging Well in Asia: Asian Development Policy Report,” released on Thursday by the Asian Development Bank (ADB) at its 57th Annual Meeting. According to the report, 40% of people over age 60 in Asia and the Pacific lack access to any form of pension—with women disproportionately affected, as they are more likely to do unpaid domestic work.  As a result, many older people in the region have no choice but to work well beyond retirement age to survive.  Among those still working at age 65 or older, 94% work in the informal sector, which typically doesn’t provide basic labor protections or pension benefits. Physical and mental health challenges also increase with age.  FBCCI urges govt policy to facilitate backward linkage industries Around 60% of older people in Asia and the Pacific do not attend or receive regular health checks, while 31% report depressive symptoms owing to illness, social isolation, and economic insecurity.  Older women in the region are also more likely than older men to suffer from ill health, from depression to diabetes and hypertension.  The report recommended a wide range of policy measures to support healthy and economically secure aging.  Among these are government-assisted health insurance and pension plans, improved health infrastructure, and free annual check-ups and lifestyle evaluations.  Policy makers should aim for universal healthcare coverage, while basic labor protections should be extended to older informal workers, according to the report. By making mandatory retirement ages more flexible, helping older people stay healthy, and providing them with suitable work opportunities as well as lifelong learning and skills development, economies in the region can help older people stay productive longer. Read more: Developing Asian economies’ growth expected to be sustained at 4.9% this year and the next, ADB President says ahead of Annual Meeting

State Minister for Power, Energy and Minerals Resources Nasrul Hamid has sought the help of Asian Development Bank (ADB) to create a regional power market. “ADB can help create a marketplace in the region so that countries can trade electricity as per their necessity”, he told Takeo Konishi, the South Asia Director General of the ADB when he called on the state minister at his office in the ministry on Monday. Under the arrangement, countries can export electricity to Nepal and Bhutan during the winter season, he said. UCB taking steps to offer easy loans to agricultural entrepreneurs During the meeting they discussed various issues related to mutual interest. Welcoming the ADB Director General Nasrul Hamid said that the number of ADB-funded projects should be increased. He said Bangladesh has a plan to import 9000 MW of power. “We need a good consultant to advise us to set the actual price of energy in this regard and ADB can help us address this issue”, he said. Finance Minister affirms Bangladesh's economic resilience amid challenges The state minister noted that the government is giving importance to the participation of individuals and private organisations in optimising the use of resources beside the participation of the government. He noted that bonds are being issued to reduce the subsidy in the power sector. The government has taken initiative to convert some 13 lakh diesel-run pumps into solar pumps. He said that it will yield good results if they can work simultaneously for technological development and building a common computer data centre. ICMAB delegation takes part in pre-budget discussion with NBR The ADB director general discussed the issue of increasing private sector participation in the energy transition, electric vehicle, energy infrastructure and solar energy roadmaps for financing, regional interconnection and project readiness. It is notable that ADB has financed $2.57 billion in 7 projects in the power sector. In 2023, ADB approved two projects worth $360 million while 3 projects are under implementation and 5 remain as request for proposal in the energy sector. At this time, Asian Development Bank Country Director Ed Ginting (Edemon Ginting) was present.

Environment, Forest and Climate Change Minister Saber Hossain Chowdhury said on Wednesday that the government is determined to develop the country's environment and forests. To deal with climate change, the cooperation of international development partners like the Asian Development Bank is very necessary for the development of the country's environment and forests. The minister made the statement while the Country Representative of the Asian Development Bank to Bangladesh, Edimon Ginting, met him in his office on Wednesday. Law minister calls for swift justice delivery to reduce public sufferings At that time, Chowdhury sought the cooperation of the ADB for the overall development of the country's environment and forests. The environment minister said priorities will be set and an action plan will be formulated following the Bangladesh National Adaptation Plan and Mujib Climate Prosperity Plan. Besides, special effective programmes will be implemented to control air pollution and noise pollution. Ginting said that various programmes adopted by Bangladesh to combat climate change are followed by other countries of the world. Hasina’s return as PM was needed, says ADB’s country director He said the ADB will always stand by Bangladesh.  The ADB's cooperation in Bangladesh will continue at an increasing pace. Earlier, the minister of environment held a consultation meeting for the preparation of a 100-day priority action plan of the ministry on various issues including waste management, plastic pollution control, air pollution control, and climate change impact. Later, the minister discussed with Dhaka North City Corporation Mayor Md. Atiqul Islam on the issues to be done to improve the quality of the overall environment including the conservation of water bodies in Dhaka city. ADB President to PM Hasina: 'Under your leadership in last 15 years, Bangladesh made extraordinary progress in all areas of development'  Among others,  Secretary of the Ministry Dr Farhina Ahmed, Additional Secretary (Climate Change) Sanjay Kumar Bhowmik, Joint Secretary (Environment) Mohammad Abdul Wadud Chowdhury, Architect Iqbal Habib and senior officials of the ministry and non-governmental organisations were also present.

Asian Development Bank (ADB) has projected Bangladesh’s gross domestic product (GDP) growth to be 6.5 percent in the fiscal year 2024, compared to an estimated growth of 6 percent in fiscal 2023. The projection was made in the latest ADB report, ‘Asian Development Outlook (ADO) September 2023,’ released today. The ADB in a press release said that the growth forecast reflects an improvement in domestic demand and better export growth due to economic recovery in the Eurozone. ADB, Deutsche Bank ink risk sharing agreement to boost supply chain financing in Asia The ADB also mentioned that inflation in Bangladesh is projected to ease from 9 percent in FY2023 to 6.6 percent in FY2024. The current account deficit is expected to slightly narrow from 0.7 percent of GDP in FY2023 to 0.5 percent of GDP in FY2024 as remittance growth improves. The main risk to this growth projection is a further deterioration in export growth if global demand is weaker than expected, the press release said. Global trade finance gap expands to 2.5 trillion USD in 2022: ADB ADB Country Director Edimon Ginting said that the government is managing relatively well against the external economic uncertainties, while advancing infrastructure development and critical reforms to improve the investment climate. “These key structural reforms include to strengthen public financial management, enhance domestic resource mobilisation, improve logistics, and deepen financial sector, which are critical for private sector development, export diversification and productive job creation in the medium term,” he said. ADB to provide Bangladesh $300 million loan to boost skills of labour force He mentioned that continued high oil prices also provide a good incentive to accelerate reforms to expand domestic renewable energy supply and achieve the country’s climate change goals. The ADO September 2023 states that moderate inflation and an increase in remittances will contribute to reviving private consumption, while the completion of a number of major government infrastructure projects will boost investment. Private investment, however, may be dampened by the initial higher interest rates following the enhancement in the country’s monetary policy framework. Inflation is expected to ease in FY2024 with some fall in global non-fuel commodity prices, expected higher agricultural production, and the initial tightening of monetary policy under the new framework.

The Asian Development Bank (ADB) and the government of Bangladesh on Sunday signed a loan agreement for $400 million to build a dual-gauge railway connecting Chattogram and Cox’s Bazar to promote trade, investment and tourism in Bangladesh. Sharifa Khan, Secretary, Economic Relations Division, and Jiangbo Ning, ADB Deputy Country Director for Bangladesh signed the agreement on behalf of Bangladesh and ADB, respectively. The assistance forms the third part of $1.5 billion ADB loans for the SASEC Chattogram-Cox’s Bazar Railway Project. ADB approves $400mn loan to Bangladesh to enhance revenues, reforms, help small businesses The loan will help complete the construction of the 102 kilometers of new railway line between Chattogram and Cox's Bazar. “ADB is assisting the government to shift from road to rail, which is a climate-friendly, safe, affordable, and efficient mode of transport”, said Jiangbo Ning. “The project is a priority investment and will open up the unserved areas of Cox’s Bazar region by promoting investment, trade and tourism.” “The project also integrates features that are friendly to the elderly, women, children, and people with disabilities,” Ning added. ADB lowers Bangladesh’s GDP growth forecast to 5.3% in FY 23 The new rail link, which is expected to open in 2023, aims to transport 2.9 million passengers annually between Chattogram and Cox's Bazar by 2024. The construction of this railway section is one of several ADB railway projects to help Bangladesh meet its targets under its Eighth Five-Year Plan and Railway Master Plan. ADB forecasts China, India to power strong growth in '23 Chattogram-Cox’s Bazar Railway is part of the Trans-Asia Railway network, an initiative led by United Nations, aiming to provide seamless rail links between Asia and Europe to better connect people and markets, according to ADB.

The Asian Development Bank (ADB) on Tuesday (June 14, 2023) approved a $400 million loan to Bangladesh to advance reforms in domestic resource mobilization, improve efficiency and productivity of public spending, and help small businesses – especially women-led businesses – to access low-cost innovative bank financing. This loan is ADB’s second subprogram of the Sustainable Economic Recovery Program that was launched in October 2021 to support economic recovery after the COVID-19 pandemic. “This subprogram enables Bangladesh to enhance revenues, promote efficiency and transparency in public spending and public procurement, deepen the reforms of state-owned enterprises, and help small businesses and microentrepreneurs to access low-interest affordable credits from the banking sector,” said ADB Principal Public Management Economist for South Asia, Aminur Rahman. Read: Danish Minister Dan Jørgensen in Dhaka “The subprogram, with a strong focus on gender, climate change, and digitization, enables the government to strengthen its efforts to support income generation for the poor and vulnerable,” he added. The program will enhance income tax collection through the adoption of the new Income Tax Act, reduce tax loopholes, strengthen compliance and enforcement measures, and broaden the country’s tax net. Transparency and efficiency in public procurement will be enhanced through strengthening electronic procurement and electronic payment systems, while approval of public projects will be facilitated through the newly launched digital system of public project appraisal and approval process, according to ADB. Read: Letter from 6 members of European Parliament reflects views of signatories, Ambassador tells UNB  The new package supports the launch of innovative financing services by Bangladesh Bank through commercial banks to provide low-cost microcredit using digital channels and e-wallet. It facilitates bank lending to marginalized and landless farmers, small traders, and low-income earners. Micro and small businesses and women entrepreneurs who do not possess land or property will also be able to access finance based on their trade receipts and other forms of nonfixed collaterals, such as small equipment and machinery. Promoting gender equality and social inclusion and addressing the climate change agenda in public investment and national budgeting are some of the key activities of this new program. Promoting gender equality and social inclusion and addressing the climate change agenda in public investment and national budgeting are some of the key activities of this new program. Read: UN asked to engage more effectively with Myanmar to commence Rohingya repatriation

The Asian Development Bank (ADB) and the government of Bangladesh have signed agreements for $250 million in loans to strengthen climate and disaster resilience in 22 coastal towns in Bangladesh. Sharifa Khan, Secretary, Economic Relations Division, and Jiangbo Ning, Deputy Country Director, ADB, signed the agreements on behalf of Bangladesh and ADB, respectively on Monday.  “The project prioritizes local economic development in project towns by enhancing the livelihood resilience and adaptive capacity of vulnerable households through the graduation program in six project towns with high poverty levels,” said Deputy Country Director Jiangbo Ning.  Read more: ADB to fund urban transport, climate resilience, renewables projects worth $628 million “The project will support the Government of Bangladesh in achieving integrated and sustainable urban development to improve the livability of coastal towns in the face of increasing climate-related disaster risks,” Deputy Country Director Jiangbo Ning. The assistance under the Coastal Towns Climate Resilience Project will develop infrastructure for building climate resilience in coastal towns, including infrastructure to improve urban flood risk management such as stormwater drainage, nature-based solutions, water body restoration, and integrated waste management. Cyclone shelters with early warning systems will be established, taking into account the needs of the elderly, women, children, and persons with special needs.  Bridges, culverts, and roads with stormwater drainage will be constructed and rehabilitated. A comprehensive set of interventions in six project towns will be implemented to help vulnerable households, especially poor women, cope with climate shocks and develop livelihood resilience.  These include climate risk assessment for diversifying livelihoods, household skills and resources mapping, enterprise and employment matching, and provision of livelihood training. Read more: Bangladesh mandates ADB to advise on $400million expressway connecting 10 economic zones The project will strengthen the knowledge and capacity of the Local Government Engineering Department and the project towns in managing climate and disaster resilience.  They will be trained on nature-based and green solutions, gender equality and social inclusion-responsive climate and disaster risk sensitive master planning, and information technology-based remote monitoring to inform risk-based urban development plans and develop mitigation measures.  The project will also enhance public awareness to prepare for future emergencies and crises.  The ADB financing includes $246 million in regular and concessional loans and a $4 million grant from the Asian Development Fund. The Government of Bangladesh will contribute $60 million.

A loan agreement of USD $200 million along with a project agreement for micro-enterprise financing and credit enhancement project was signed on Tuesday between the government and Asian Development Bank (ADB). Sharifa Khan, Secretary of the Economic Relations Division (ERD), and Edimon Ginting, Country Director, of Bangladesh Resident Mission signed at loan document on behalf of the respective sides. Dr. Nomita Halder, Managing Director, PKSF, and Edimon Ginting, Country Director, Bangladesh Resident Mission, signed the project agreement separately. Read more: $1 billion loan: ADB vice-president to reach Dhaka tonight for discussion The project will be executed by the Financial Institutions Division and implemented by Palli Karma-Sahayak Foundation (PKSF) to increase financing for micro-enterprises. Soft loans will be provided to small entrepreneurs (especially women), which in turn, will improve women's economic empowerment. The estimated completion date of the project is 31 December 2027. ADB's total loan to Bangladesh till now is more than $ 27.22 billion and the total grant is about $ 0.537 billion. Read more: ADB to invest $2 billion over next 3 years in Bangladesh’s education sector

Bangladesh and Asian Development Bank (ADB) on Wednesday signed an agreement for $41.4 million in grant to help improve infrastructure and manage the basic needs of displaced persons from Myanmar sheltered in Cox’s Bazar in Bangladesh. The additional assistance forms the second phase of the ADB’s ongoing Emergency Assistance Project worth $100 million in grant approved in 2018, according to a release from the ADB. Economic Relations Division Secretary Fatima Yasmin and ADB Country Director Edimon Ginting signed the agreement on behalf of Bangladesh and ADB, respectively. Also read:ADB provides $143 million to improve trade facilitation in Bangladesh “The assistance will scale up the ongoing project by addressing the unmet basic and urgent needs identified for ADB assistance in 2018 but which remained unfunded due to grant funding constraints,” ADB Country Director Edimon Ginting said. He said that Disaster shelter centers, health facilities, improved water supply and sanitation, and better waste management that will be provided with ADB assistance, will reduce disaster risks, strengthen the resilience against COVID-19, and serve basic human needs of the camp population until their repatriation. The new assistance will build 200 water and sanitation facilities, three solid waste management facilities, and establish a piped water supply system at Ukhiya. It will, among others, upgrade four health care facilities for severe acute respiratory infection, expand six primary health care and diagnostic centers in Teknaf, improve skills of health care workers in Cox’s Bazar district, and construct a multipurpose disaster-resilient isolation center to help with the COVID-19 response. To strengthen disaster resilience and help protect displaced persons, six school-cum-cyclone shelters in local primary schools, and one multipurpose cyclone shelter, which will also function as a COVID-19 isolation center, will be constructed. About 13 kilometers (km) of rural access roads leading to the camp facilities will be upgraded. In addition to the new grant assistance, an agreement was also signed today for a $30 million concessional loan to rehabilitate a 30.76 km section of National Highway-1 to improve the transportation of relief and essential goods between Teknaf and Cox’s Bazar.