Asian Development Bank
Post-pandemic recovery in Bangladesh: ADB to accelerate project implementation
Bangladesh and Asian Development Bank (ADB) Wednesday agreed on short- and medium-term roadmaps for 2021-2022 to speed up the implementation of ADB-assisted projects in the post-pandemic phase.
The decision emerged from a tripartite portfolio review meeting where the progress of actions agreed in late 2020 and the readiness status of 2021 pipeline projects were assessed.
Specific actions were agreed for slow-moving projects to use the project money with speed and efficiency.
Also read: ADB praises Hasina’s leadership in Covid fight
Economic Relations Division Secretary Fatima Yasmin and ADB Country Director Manmohan Parkash co-chaired the virtual TPRM, ADB said on Wednesday.
"Post pandemic, we are focusing on accelerated project implementation for faster socio-economic recovery," said Manmohan Parkash. "Expediting procurement, accelerating approval, mobilising consultants and contractors early, and implementing health safety guidelines are some of the special actions agreed today."
Also read: COVID-19: Govt, ADB sign agreement for $3m grant
The ADB country director added: "We also agreed on the need for engaging good consultants and contractors, effective contract management, efficient land acquisition and resettlement, proper implementation of the environmental management plan, and sound financial management, in addition to ensuring proper readiness before processing projects."
ADB's current sovereign portfolio has 52 projects with $11.26 billion; the bank's cumulative lending to Bangladesh stands at around $39 billion in loans and grants, including co-financing.
Also read: ADB gives another $50m for COVID-affected Bangladeshi microenterprises
The regional development bank operates in Bangladesh in six sectors – energy, transport, water and urban or municipal infrastructure and services, education, finance, and agriculture, natural resources, and rural development.
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ADB launches $9 billion vaccine initiative for Asia Pacific
Asian Development Bank (ADB) has launched a $9 billion Asia Pacific Vaccine Access Facility (APVAX) vaccine initiative offering rapid and equitable support to its developing members as they procure and deliver effective and safe coronavirus disease (COVID-19) vaccines.
More than 14.3 million positive cases have been identified in Asia and the Pacific, causing more than 200,000 deaths, according to a release from the ADB.
As the pandemic persists, economic growth in developing Asia is projected to contract by 0.4% in 2020—the first regional gross domestic product contraction since the early 1960s.
Promoting safe, equitable, and effective access to vaccines is a top priority for ADB’s COVID-19 response efforts.
Vaccination programs can break the chain of virus transmission, save lives, and mitigate the negative economic impacts of the pandemic by restoring confidence in people’s ability to work, travel, and socialize safely.
The APVAX provides a comprehensive framework and resource envelope for supporting developing Asia’s vaccine access, using two complementary components.
The Rapid Response Component will provide timely support for critical vaccine diagnostics, procurement of vaccines, and transporting vaccines from the place of purchase to ADB’s developing members.
The Project Investment Component will support investments in systems for successful distribution, delivery, and administration of vaccines along with associated investments in building capacity, community outreach, and surveillance.
This may include such areas as cold-chain storage and transportation, vehicles, distribution infrastructure, processing facilities, and other physical investments.
The component may also be used to develop or expand vaccine manufacturing capacity in developing members.
ADB approves $50 mln loan for Bangladesh
The Asian Development Bank (ADB) has approved a $50 million loan to help restore the economic activities of microenterprises in Bangladesh, which have been severely affected by the COVID-19 pandemic.
The loan will scale up the ongoing Microenterprise Development Project, approved by ADB in 2018 to provide a $50 million credit line to Palli Karma Sahayak Foundation (PKSF), a government development finance and capacity building organisation.
Under the ongoing project, the PKSF, through its 77 partner organisations, has so far provided loans to 39,580 microenterprises, generating 91,430 jobs in rural areas.
The new credit line to the PKSF will provide loans to at least an additional 30,000 microenterprises affected by COVID-19, 70 percent of which are women-led. The project will strengthen the capacity of 120 partner microfinance institutions in microenterprise lending, such as credit appraisal, pricing, and financial and portfolio management and monitoring.
It will expand the application of the pilot mobile-based microenterprise financing application to an additional 10,000 borrowers, which facilitates loan applications, disbursement, and collection. The project will identify three additional microenterprise products for expansion and support microenterprise cluster development.
ADB Principal Country Specialist for Bangladesh Jyotsana Varma said the additional financing will supplement the ongoing project by injecting liquidity in the rural economy by providing cheaper financing to microenterprises, helping them continue their business and retain their employees, especially women entrepreneurs who have been heavily hit by the pandemic.
He said that the project will increase access to financing from microfinance institutions and further contribute to the growth of microenterprises in the country.
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