ADB commits $2bn for Bangladesh in 2021 to boost pandemic response

The Asian Development Bank (ADB) committed to Bangladesh $2 billion in loans in 2021. Of which, $1.59 billion was for tackling the immediate effects of the coronavirus pandemic.

ADB said this in its Annual Report 2021 published on Tuesday.

The report summarizes how ADB supported its developing member countries (DMCs) through a combination of finance, knowledge, and partnerships.

“ADB firmly believes that addressing the impacts of the pandemic and supporting long-term development are not mutually exclusive,” said ADB President Masatsugu Asakawa. “Our sustained COVID-19 response has laid the foundations for an inclusive, resilient, and green recovery, ensuring progress toward our Strategy 2030 objectives.”

The bank committed $22.8 billion in 2021 including loans and guarantees, grants, equity investments, and technical assistance provided to governments and the private sector. In addition, ADB mobilized $12.9 billion in cofinancing.

Of ADB’s 2021 commitments, $13.5 billion, or 59%, was for the pandemic response, although many of these commitments, such as strengthening the health sector, will also help the region long after the pandemic is over.