ADB to provide $300mn loan to improve skills, competitiveness in Bangladesh

Asian Development Bank (ADB) will provide Bangladesh with $300 million to improve the skills of the labour force, create more employment and elevate remittance.

The loan agreement was signed between the Bangladesh government and the ADB at ERD in the capital on Monday.

Sharifa Khan, secretary of the Economic Relations Division (ERD) and Jiangbao Ning, deputy country director of ADB assigned to Bangladesh, signed the agreement on behalf of both sides.

The Finance Department of the Ministry of Finance will implement the programme titled Skills for Industry Competitiveness and Innovation Programme from 2024 to 2041 with the collaboration of different government and private training institutions.

The objectives of this programme are to increase the flow of remittances by sending skilled manpower abroad and providing technical and ICT-based training to the labour force to improve their skills.

The Finance Division will be responsible for fund management and coordinator of this programme, reports a press release.

ADB is one of the largest multilateral Development Partners of Bangladesh extending assistance to the country since it became a member of ADB in 1973.

ADB's total loan to Bangladesh till now is more than US$ 29,664 million and US$ 553.4 million as grant.

The development assistants of ADB mainly focus on power, energy, local government, transport, education, agriculture, health, water resources, governance and financial sectors of Bangladesh.