Dhaka     Tuesday   20 October 2020

ADB provide $11.2b to Bangladesh to fight against Covid-19

News Desk || risingbd.com

Published: 17:08, 18 September 2020   Update: 17:52, 18 September 2020
ADB provide $11.2b to Bangladesh to fight against Covid-19

The Asian Development Bank (ADB) has provided $ 11.2 billion to Bangladesh to tackle the Coronavirus (COVID-19) pandemic and overcome the immediate challenges related to health and economic sectors.

Besides, the bank is going to provide 7.2 billion dollar financial support to work closely with development partners. 

A press release issued from ADB’s Dhaka office confirmed the matter on Friday (September 18).

ADB is committed to become a partner with developing economies in Asia and the Pacific to protect the nations from the effects of coronavirus.

“ADB will continue to earn your trust as a steadfast partner during the uncertain times we still face in our region as we build for a strong and lasting recovery,” said Mr. Asakawa. “Our work toward a sustainable, resilient, and inclusive recovery stands on a foundation of mutual trust formed over decades of cooperation with you, our members.”

As the region moves forward toward recovery, Mr. Asakawa said ADB will build on its relationship with its members to support them in six key areas.

First, ADB will promote regional cooperation and integration to help members seize the opportunity that renewed globalization can offer in a post-pandemic new normal. “While there are some who suggest that recent border closures and travel restrictions are signs that globalization has ground irreversibly to a halt, I do believe that globalization will return, but it will take a different shape,” Mr. Asakawa said. ADB will work with developing members to secure more diversified value and supply chains, and to promote regional public goods for better collective prevention of disease outbreaks, mitigation of climate change impacts, and enhancement of the regional financial safety net.

Second, since COVID-19 has contributed to an increase in income inequality and absolute poverty, ADB will strengthen investments in health, education, and social protection, which will better ensure safety and opportunities for all, while building the human capital that economies need to thrive in the long term.

Third, ADB will accelerate its efforts to tackle climate change in order to reach the goals established in its long-term Strategy 2030—to reach $80 billion in cumulative climate investments and 75% of the total number of committed operations by 2030.

Fourth, ADB will invest in information technology and data for health; education; financing for micro, small, and medium enterprises; and remote work—while also addressing both the digital divide and cyber security.

Fifth, ADB will help its members strengthen domestic resource mobilization through international tax cooperation, since all key areas of development require that governments improve their capacity to mobilize financial resources while managing debt sustainability.

And last, ADB will support the efforts of its developing members to secure safe and effective vaccines, and to formulate strategies for equitable delivery. To accomplish this, ADB will continue to strengthen collaboration with the World Health Organization; the World Bank; GAVI, the Vaccine Alliance; vaccine experts; and pharmaceutical companies.


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