ZCZC
BSS-49
ADB-ASSISTANCE-AGREEMENT
Govt signs $50m loan agreement with ADB
DHAKA, Sept 10, 2020 (BSS) – The Asian Development Bank (ADB) and
the government of Bangladesh today signed agreements for $50 million
in loan to promote, fund, and implement public-private partnership
(PPP) infrastructure projects in the country.
Economic Relations Division (ERD) Secretary Fatima Yasmin and ADB
Country Director Manmohan Parkash virtually signed the loan agreement
on behalf of Bangladesh and ADB respectively, said a press release.
S M Anisuzzaman, Chief Executive Officer of Bangladesh
Infrastructure Finance Fund Limited (BIFFL) signed the project
agreement.
“The project will strengthen BIFFL’s capacity to mobilize private
investments, develop infrastructure projects, and create jobs, which
will accelerate the economic recovery process after the coronavirus
disease (COVID-19) pandemic,” said Country Director Manmohan Parkash.
“The project will generate about 3,000 jobs in PPP projects
supported by BIFFL by 2024 and help implement PPP infrastructure
subprojects developed by government agencies.”
“In addition to catalyzing greater private sector commercial
infrastructure financing and investment, the project will also help
the rollout of the government’s PPP strategy,” Parkash added.
Using ADB’s financial intermediary loan, the Strengthening
Bangladesh Infrastructure Finance Fund Limited Project will provide
long-term local currency financing for qualified PPP infrastructure
subprojects.
ADB has been a long-standing partner to support BIFFL to promote PPP
program and develop its pipeline of projects. ADB has also assisted
the government to develop the PPP Act, set up the PPP office, and an
institutional framework for PPPs in addition to supporting priority
sectors of Bangladesh as a transaction advisor.
The release said $650,000 technical assistance grant from ADB’s
Financial Sector Development Partnership Special Fund will support
BIFFL to review and update its corporate strategy, as well as assess
and improve capacity to manage environmental and social safeguards,
and project implementation.
BSS/PR/GM/MRU/2001hrs