Dhaka, April 18 (UNB)-The World Bank provides USD $ 250 million for the recovery and resilience of the economy from the adverse impact of Covid-19 pandemic. A loan agreement of $250 million signed on Monday between the Economic Relation Division (ERD) and World Bank under the ‘Bangladesh-First Recovery and Resilience Development Policy Credit (DPCI)’. ERD Secretary Fatima Yasmin and Mohammad Anis, acting country director of the World Bank in Bnagladesh signed the loan agreement on behalf of their respective sides. In response to the adverse effects of Covid-19, the government has provided stimulus incentives to economically affected industries, agriculture sector and export-oriented Industries and to ensure food security, the government extended the social safety net programs and employment creation. Also read: World Bank projects developing East Asia Pacific to grow 5 pct in 2022 The WB has agreed to provide $250 million as Budget Support, titled `Bangladesh-First Recovery and Resilience Development Policy Credit (DPC1)', which will play a key role in sustaining the post Covid-19 economic recovery and development momentum. The DPC series will provide $500 million in two consecutive Fiscal Years 2021-22 and 2022-23. The remaining objectives of the DPC are to assist Bangladesh in its efforts to implement budget stimulus for the subsequent recovery of Covid-19 and to enhance resilience to future shocks. The interest rate of the above-mentioned loan is 1.25 percent, and the service charge at the rate of 0.75 percent, and this loan has to be repaid in 30 years with a grace period of 5 years. Also read: World Bank okays $358 million fund to improve road safety in Bangladesh

Bangladesh and Asian Development Bank (ADB) Wednesday agreed on short- and medium-term roadmaps for 2021-2022 to speed up the implementation of ADB-assisted projects in the post-pandemic phase. The decision emerged from a tripartite portfolio review meeting where the progress of actions agreed in late 2020 and the readiness status of 2021 pipeline projects were assessed. Specific actions were agreed for slow-moving projects to use the project money with speed and efficiency. Also read: ADB praises Hasina’s leadership in Covid fight Economic Relations Division Secretary Fatima Yasmin and ADB Country Director Manmohan Parkash co-chaired the virtual TPRM, ADB said on Wednesday. "Post pandemic, we are focusing on accelerated project implementation for faster socio-economic recovery," said Manmohan Parkash. "Expediting procurement, accelerating approval, mobilising consultants and contractors early, and implementing health safety guidelines are some of the special actions agreed today." Also read: COVID-19: Govt, ADB sign agreement for $3m grant The ADB country director added: "We also agreed on the need for engaging good consultants and contractors, effective contract management, efficient land acquisition and resettlement, proper implementation of the environmental management plan, and sound financial management, in addition to ensuring proper readiness before processing projects." ADB's current sovereign portfolio has 52 projects with $11.26 billion; the bank's cumulative lending to Bangladesh stands at around $39 billion in loans and grants, including co-financing. Also read: ADB gives another $50m for COVID-affected Bangladeshi microenterprises The regional development bank operates in Bangladesh in six sectors – energy, transport, water and urban or municipal infrastructure and services, education, finance, and agriculture, natural resources, and rural development.

The Asian Development Bank (ADB)’s Country Director in Bangladesh Manmohan Parkash on Sunday suggested to inject more cash into the economy, so that it helps with liquidity and domestic consumption; and improve the access to finance, cheap, affordable, with limited collateral to promote entrepreneurship, and jobs.