Covid Economic Recovery: AIIB to provide $250 mn
BSS, Dhaka
Bangladesh will receive $250 million from the Asian Infrastructure Investment Bank (AIIB) to implement a government programme for the countrys sustainable economic recovery from Covid-19 fallouts.
ERD Secretary Fatima Yasmin and AIIBs vice president, investment operations (Region-1) DJ Pandian signed the loan agreement virtually on behalf of their respective sides.
The finance division has taken the programme to reform policies for the recovery of Bangladesh economy from the pandemic shocks.
The Asian Development Bank (ADB). AIIB, the lead financier of the programme, is contributing $250 million as a co-financier.
Under the programme, steps will be taken to reduce and rationalize expenditure by reforming and strengthening the public finance management (PFM) system and expanding financial resources, said Fatima.
The programme also aims to create financing opportunities for industries and entrepreneurs such as small, medium and cottage industries whose sources of funding are insufficient, she said.
The loan will be received in AIIBs standard term and conditions. The repayment period of the loan is 20 years, including a 3-year grace period.
HM
