The Asian Development Bank (ADB) and the Government of Bangladesh signed a $400 million policy-based loan to support the Government of Bangladesh in implementing its National Adaptation Plan, 2023–2050 and Nationally Determined Contributions 2021 Update to the Paris Agreement to achieve a climate-resilient inclusive development.
Md. Shahriar Kader Siddiky, Secretary, Economic Relations Division (ERD), and Edimon Ginting, Country Director, ADB, signed the loan agreement on behalf of Bangladesh and ADB, respectively, at a ceremony at ERD in Dhaka on Monday.
This assistance is the first subprogram of the indicative $700 million Climate-Resilient Inclusive Development Program. Bangladesh is one of the world’s most vulnerable countries to the adverse impacts of climate change, recording an annual average loss of about $3 billion.
“As the region’s climate bank, ADB is committed to support Bangladesh’s progressive actions to strengthen its climate resilience, transition to a low-carbon economy, mitigate its greenhouse gas emissions, and mainstream gender equality and social inclusion in the government’s climate actions,” said Country Director Edimon Ginting.
The program will create an enabling institutional and policy environment to mobilize climate finance, prioritize climate actions in the country’s overall development agenda, and help the government implement reforms in climate-critical sectors, including agriculture, disaster management, transport and infrastructure, urban development, and energy.
The program facilitated the creation of the National Committee for Environment and Climate Change headed by the Prime Minister for holistic implementation of the government’s climate priorities across ministries.
