May 25, 2024, 7:59 pm

Diplomatic correspondent

2024-04-21 04:18:52 BdST

ADB to provide $71m for water resources management

The government has signed a $71 million loan agreement titled "Loan 4440-BAN: Climate-Resilient Integrated Southwest Project for Water Resources Management" with the Asian Development Bank (ADB) to ensure climate-resilient water resources management.

Md Shahriar Kader Siddiky, secretary of the Economic Relations Division (ERD), and Edimon Ginting, country director of Bangladesh Resident Mission of the ADB, signed the loan agreement on behalf of their respective sides.

Senior officials of the government of Bangladesh and ADB were present at the signing ceremony, said an ERD press release.

The project will be implemented by the Bangladesh Water Development Board under the Ministry of Water Resources.

The objectives of the project are-- achieving high socio-economic conditions in the project area by increasing agricultural, fisheries and other related development through the improved drainage congestion system, implementation of integrated water resources and participatory water management plans in the project area, provision of improved infrastructure and coordinated support services for sustainable development, and establishment of Water Management Organizations (WMOs) to sustain the project benefits with strengthened institutional arrangements.

The project will be implemented from January 2024 to December 2028.

The release said the ADB Ordinary Operations (Concessional) loan is repayable in 25 years including 5 years grace period. Its interest rate is fixed at two per cent.

ADB is one of the largest multilateral development partners of Bangladesh. It has been extending assistance to the country's prioritised sectors since Bangladesh became a member of the ADB in 1973.

ADB's total loan to Bangladesh stands at $31,547.47 million whereas the total grant amounts to around $571.2 million. ADB's development assistance mainly focuses on power, energy, local government, transport, education, agriculture, health, water resources, governance and financial sectors of Bangladesh.

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