Bangladesh

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European Union allocates 334m euro for Bangladesh to fight COVID-19

Bangladesh Sangbad Sangstha . Dhaka | Published: 00:46, May 21,2020

 
 

The European Union has decided to provide more 334 million euro (around Tk 31 billion) to Bangladesh for helping the country in its fight against COVID-19 pandemic under its ‘Team Europe’ initiative.

‘In its ongoing development cooperation programmes in Bangladesh, the EU is already addressing many areas crucial in the COVID-response and the recovery of the economy but on top of that, the EU is pleased to announce this additional fund to help fight the pandemic and that more funds may be mobilised in the near future,’ a press release issued by EU Bangladesh office said on Wednesday.

Of the fund, it said, 263 million euro will be allocated to Bangladesh government to mitigate the economic and social impact of COVID-19 while 64.8 million euro will be used to scale up interventions through the United Nations and NGO partners for vulnerable Bangladeshi host communities and Rohingyas in Cox’s Bazar.

Besides, 5.5 million euro aims at strengthening Bangladesh’s research and health systems while 714,383 euro will address the urgent needs of ultra-poor and vulnerable people in the urban areas of Dhaka and rural areas in the country.

‘COVID-19 knows no borders and hits the most vulnerable hardest. Team Europe’s support of some EUR 334 million will assist the Government of Bangladesh in providing support to those who are most affected by COVID-19, in terms of health and livelihoods,’ the release said quoting EU ambassador to Bangladesh Rensje Teerink.’

At the global level, Team Europe has joined forces with other multilateral partners and IFIs that includes Word Bank, IMF and ADB by contributing 22 per cent of the USD 88 billion global response against COVID-19.

Bangladesh will also benefit from the funds that the EU and its member states have made available to its multilateral partners to tackle the pandemic, said the release.

The EU, its member states and the European financial institutions, decided to join forces as ‘#Team Europe’ to tackle the pandemic and pledged to disburse 20 billion euro to help mitigate the spread of the virus and to reduce spillover effects on economic and social stability in partner countries across the globe.  

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