Dhaka, Dec 18 (V7N) — The Asian Development Bank (ADB) has signed a loan agreement with the Government of Bangladesh to provide $600 million under the 'Strengthening Economic Management and Governance Program, Subprogram-1'.

The agreement was signed today, with ERD Secretary Md. Shahriar Quader Siddiqui representing the Government of Bangladesh and Jingbo Ning, Officer-in-Charge, representing ADB. Senior officials from both sides were present at the ceremony.

The loan, amounting to 91.76 billion Japanese Yen (approximately $600 million), aims to strengthen the country’s economic management and establish transparent and accountable regulatory systems to support private sector development.

Program Objectives:

The program, to be implemented through various government entities, focuses on:

1. Strengthening financial management

2. Improving state-owned enterprise management and investment climate

3. Enhancing trade policy and logistics

Key implementing agencies include the Finance Department, Bangladesh Investment Development Authority (BIDA), Public-Private Partnership Authority (PPPA), National Board of Revenue (NBR), Bangladesh Bank, and the Bangladesh Competition Commission.

ADB has been a vital development partner for Bangladesh since 1973. To date, it has provided $32.5 billion in loans and $571.2 million in grants to the country. ADB's assistance prioritizes sectors such as power, energy, transport, education, agriculture, and good governance.

This latest agreement underscores ADB's commitment to supporting Bangladesh in achieving sustainable economic growth and improving governance systems.

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