At a tripartite portfolio review meeting (TPRM) on Sunday, Bangladesh and the Asian Development Bank (ADB) agreed to take actions to accelerate the implementation of ADB-assisted projects for boosting socio-economic recovery.
Director General for ADB’s South Asia Department Kenichi Yokoyama appreciated macroeconomic management and policies of Bangladesh for expeditious socio-economic recovery from the coronavirus disease (COVID-19) pandemic, according to a release from the ADB.
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He thanked Bangladesh government for continued strong partnership and conveyed ADB’s readiness to work together in developing innovative and transformative solutions to address climate challenges and generate strong economic recovery with high inclusiveness, and economic diversification.
To further improve project implementation, DG Yokoyama also emphasized better project readiness, reduction of procurement time, and timely completion and closing of the projects with high discipline.
Economic Relations Division (ERD) Secretary Fatima Yasmin and ADB Country Director for Bangladesh Edimon Ginting co-chaired the TPRM.
Deputy Director General for South Asia Department Manmohan Parkash, ADB’s Alternate Executive Director Md. Azizul Alam, senior officials from the Government of Bangladesh, project directors, and ADB staff participated in-person as well as virtually in the first review meeting in 2022 for resolving project issues and formulating strategies to quicken project implementation.
With a positive outlook after the COVID-19 pandemic, Country Director Edimon Ginting encouraged all to set higher expectations and project targets for 2022.
“Faster project implementation will not only improve the public service delivery but will also help accelerate socio-economic recovery from the pandemic-induced losses,” Ginting said.
The TPRM reviewed the progress of actions agreed in August 2021, readiness status of 2022 pipeline projects, and upstream knowledge work. During the TPRM, 42 selected projects were discussed on 113 different issues and over 130 specific timebound actions were agreed.
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ADB’s current sovereign portfolio has 50 projects comprising 89 loans and grants with a net portfolio of $10.63 billion.
ADB operates in Bangladesh in six sectors—energy; transport; water and urban/municipal infrastructure and services; education; finance; and agriculture, natural resources, and rural development.
The cumulative lending to Bangladesh stands at around $48 billion in loans and grants, including co-financing.