The Asian Development Bank (ADB) will provide a loan of 70 million dollars to alleviate the flooding. For this, the Climate Resilient Integrated Southwest Project for Water Resource Management project has been signed between the Government of Bangladesh and ADB.
The secretary of the Economic Relations Department on behalf of the Bangladesh government in the city’s NEC conference room. Shahriar Quader Siddiqui and Edmon Ginting, Country Director on behalf of ADB signed the agreement. Senior officials of Bangladesh Government and ADB’s residential mission were present.
A press release sent by ERD on Saturday (April 20) informed this information.
The project will be implemented by the Bangladesh Water Development Board under the Ministry of Water Resources. According to the discussion, it will be possible to achieve sustainable development through the implementation of integrated water resources and participatory water management plans, and through the development of integrated water resources and participatory water management plans, increasing agricultural and fisheries production by reducing waterlogging in the project area, through ancillary development. Besides, a water management association will be formed to maintain the long-term sustainability of the benefits derived from the project. The implementation period of the project is from January 2024 to December 2028.
The loan was availed on ADB’s flexible terms, with an interest rate of 2 percent and a total repayment period of 25 years with a grace period of 5 years. There are no other charges.
ADB is one of Bangladesh’s leading development partners. Since its accession in 1973, Bangladesh has been consistently receiving financial assistance from ADB in various priority sectors of its economy. In terms of development assistance in Bangladesh, ADB generally prioritizes power, energy, transport, education, local government, agriculture, water resources and good governance.
MOS/MAH/ASM
#ADB #give #loan #million #dollars #solve #waterlogging