ADB chief hails Bangladesh on eligibility to graduate from LDC

FT ONLINE

Asian Development Bank (ADB) President Takehiko Nakao has congratulated Bangladesh for meeting the criteria for graduation from Least Developed Country (LDC).

"Let me warmly congratulate Her Excellency Sheikh Hasina, the government, and the people of Bangladesh for the country's historic achievement of qualifying for LDC graduation," he said in a video message on Friday.

ADB remains committed to building on its 45-year partnership with Bangladesh, Nakao said.

The Manila-based lending agency would keep helping Bangladesh's continued economic and social progress through supporting railway, water and sewage, electricity, education and health, and promoting reforms, he added.

"ADB is proud to have supported Bangladesh's development since it joined the bank in 1973. Bangladesh became the first ADB member to host a field office in Dhaka in 1982. To date, ADB has supported Bangladesh with more than $20 billion in approved loans, grants, and technical assistance," said the ADB chief.

He said Bangladesh has made remarkable economic development and poverty reduction over the past decade. "Its average growth rate has been about 6.3% a year during the 10 years. Growth reached 7.3% last year," he said.

Nakao went on saying, "On my last visit to Bangladesh in February, I saw firsthand the country's significant development gains. People have better access to water and electricity, children are ambitious at schools, factories are safer, and businesses are growing,"

He again extended congratulations to Bangladesh for meeting the criteria for middle-income status.