Online Desk: The government today signed a US$71 million loan agreement titled “Loan 4440-BAN: Climate-Resilient Integrated Southwest Project for Water Resources Management” with the Asian Development Bank (ADB) for ensuring climate resilient water resources management.

Md. Shahriar Kader Siddiky, secretary of Economic Relations Division (ERD), and Edimon Ginting, country director of Bangladesh Resident Mission of the ADB, signed the loan agreement on behalf of their respective sides.

Senior officials of the government of Bangladesh and ADB were present at the signing ceremony, said an ERD press release.

The Project will be implemented by Bangladesh Water Development Board under the Ministry of Water Resources.

The objectives of the project are– achieving high socio-economic condition of the project area by increasing agricultural, fisheries and other related development through the improved drainage congestion system, implementation of integrated water resources and participatory water management plans in the project area, provision of improved infrastructure and coordinated support services for sustainable development, and establishment of Water Management Organizations (WMOs) to sustain the project benefits with strengthened institutional arrangements.

The project will be implemented from January 2024 to December 2028. The release said ADB Ordinary Operations (Concessional) loan is repayable in 25 years including 5 years grace period. Its interest rate is fixed two percent.

ADB is one of the largest multilateral development partners of Bangladesh. It is extending assistance to the country’s prioritized sectors since Bangladesh became a member of the ADB in 1973.

ADB’s total loan to Bangladesh stands at US$31547.47 million whereas total grant amounts to around US$571.2 million. ADB’s development assistance mainly focuses on power, energy, local government, transport, education, agriculture, health, water resources, governance and financial sectors of Bangladesh.