ADB giving billions of dollars in five projects ADB
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ADB giving billions of dollars in five projects

Bangladesh Live News | @banglalivenews | 29 Nov 2023, 12:24 pm

Dhaka, Nov 29: The Economic Relations Department (ERD) of the government has signed a billion dollar loan agreement with the Asian Development Bank (ADB) for five development projects in Bangladesh.

Under the agreement, ADB will provide a loan of 1.26 billion dollars (about 102 crore 64 lakh dollars) to Bangladesh. On Tuesday, November 28, the ADB loan agreement was signed with the Bangladesh government at the NEC conference room in the capital's Sherebangla Nagar. ERD Secretary on behalf of Bangladesh Government. Shahriar Quader Siddiqui and Country Director Edimon Ginting signed the agreement on behalf of ADB.

According to ERD sources, out of the total loan, ADB will give 72 crore 64 lakh dollars in US dollars. Bangladesh will get the remaining 30 crore dollars equivalent to 27 crore 78 lakh euros.

The five projects that will be given this billion dollar loan are - 'Smart Metering Energy Efficiency Improvement' project; 'Vaccines, Therapeutics and Diagnostics Manufacturing and Regulatory Strengthening' project; 'Chittagong Hill Tracts Inclusive and Urban Water Supply and Sanitation' project; 'Second South Asia Sub-Regional Economic Cooperation Dhaka-North-West Corridor Road' project and 'Improving Computer and Software Engineering Tertiary Education' project.

Among these, ADB will lend 20 crore dollars for the 'Smart Metering Energy Efficiency Improvement' project. The company's loan will help Bangladesh transform to clean energy solutions as well as increase efficiency through smart metering. Under this project, 6 lakh 50 thousand smart prepaid gas meters will be connected to residential customers in Dhaka South City and Narayanganj. The project will reduce carbon dioxide emissions by about 4 lakh tonnes per annum.

ADB will give 33.65 crore dollars to the 'Vaccine, Therapeutics and Diagnostics Manufacturing and Regulatory Strengthening' project. With this loan, the government will set up domestic production capacity for vaccines, therapeutics and diagnostics. Besides, the national regulator will be strengthened to ensure the safety of vaccine supply. A vaccine, therapeutic and diagnostics manufacturing facility and warehousing unit will be set up at the existing location of Essential Drugs Company Limited (EDCL) at Gopalganj. From which the capacity to produce 58 million vaccines per year will be created.