Finance Minister AHM Mustafa Kamal on Thursday thanked the Asian Development Bank (ADB) President Masatsugu Asakawa for approving $500 million loan to bolster the efforts of Bangladesh to manage the impact of the novel coronavirus (COVID-19) pandemic on the country’s economy and public health, reports BSS.
The Finance Minister said the ADB has been providing increased support to Bangladesh continuously to attain the country’s development milestones.
“We had earlier requested the ADB to provide us with continuous assistance and support to face this crisis situation.
This immediate support was very much necessary for Bangladesh in this crisis moment while this $500 million support will play an important role to face the adverse impact of novel Coronavirus on the country’s economy and society.” Kamal said, according to an official press release.
Earlier on April 20, the Finance Minister and the ADB President had a telephone conversation over the latest COVID-19 situation where Kamal sought greater ADB support to Bangladesh.
Meanwhile, the ADB President said this package will build on ADB’s ongoing collaboration with Bangladesh on structural reforms by supporting government efforts to speed up the country’s social and economic recovery.
The assistance is part of ADB’s COVID-19 Active Response and Expenditure Support (CARES) Program, which is funded through the COVID-19 pandemic response option (CPRO) under ADB’s Countercyclical Support Facility.
CPRO was established as part of ADB’s $20 billion expanded assistance for developing member countries’ response to the pandemic, which was announced on 13 April.
