Bangladesh: AfDB Approves $ 250 Million Loan for Economic Recovery Program

The Asian Development Bank (AfDB) has approved a $ 250 million loan to Bangladesh for economic recovery from the COVID 19 pandemic in the country. This is the first tranche of the $ 500 million sustainable economic stimulus package for Bangladesh.

The sustainable economic recovery program aims to create jobs and develop economic activities for micro-entrepreneurs and small businesses.

The loan will support planned government investments in education, health, social protection and infrastructure to help boost economic activity and recovery. It is also in line with Bangladesh’s aspiration to become an upper middle-income country by 2031.

AfDB Senior Financial Management Specialist Srinivasan Janardanam said the program is expected to increase the efficiency of public investment management and create an enabling environment for access to credit, especially for the poor and vulnerable. .

The program aims to broaden the tax base, improve compliance and strengthen enforcement, streamline tax exemptions and modernize tax administration. It will also encourage more women-led start-ups by allocating 10% of new seed funding to them.

Source link

Comments are closed.