Bangladesh

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ADB gives $100m loan to Bangladesh

New Age Online | Published: 19:15, May 13,2020 | Updated: 19:20, May 13,2020

 
 

The Asian Development Bank and the government of Bangladesh have signed a $100 million loan agreement to support the government’s efforts to address the public health requirements for mitigating the COVID-19 pandemic.

Fatima Yasmin, secretary, Economic Relations Division, and Manmohan Parkash, country director, ADB, signed the loan agreements remotely, on behalf of Bangladesh and ADB respectively on Wednesday.

Earlier on April 30, the ADB Board of Directors approved the assistance, said a press release.

The assistance under the COVID-19 Response Emergency Assistance Project will help strengthen Bangladesh’s response to the COVID-19 outbreak by providing urgently needed health equipment, medical supplies, diagnostic systems, and upgrading of the capacity of the health workforce. This project will support the immediate procurement of equipment and supplies for testing; upgrade of medical infrastructure; and the development of system and community capacities for surveillance, prevention, and response to the pandemic in Bangladesh.

The project will equip 17 medical college hospitals with isolation and critical care units. Capacity and quality of at least 19 laboratories will be upgraded with COVID-19 microbiological diagnostic facilities. At least 3,500 health sector workers, about 50% of whom are women, will be trained in modern skills and knowledge, and the recruitment of more health professionals and technical staff will be supported.

The concessional assistance for the project would be sourced from ADB’s ordinary capital resources with an interest charge at the rate of 1.0% per annum; a term of 40 years, including a grace period of 10 years; repayment of principal at 2% per annum for the first 10 years after the grace period, and 4% per annum thereafter, said the press release.

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