DHAKA, Dec 11, 2023 (BSS) - The Asian Development Bank (ADB) and the 
government of Bangladesh today signed a US$400 million policy-based loan to 
support the government of Bangladesh in implementing its National Adaptation 
Plan, 2023-2050.

The loan will also support Nationally Determined Contributions 2021 Update to 
the Paris Agreement to achieve a climate-resilient inclusive development.

Md. Shahriar Kader Siddiky, secretary of Economic Relations Division (ERD), 
and Edimon Ginting, country director of the ADB, signed the loan agreement on 
behalf of Bangladesh and ADB respectively at a ceremony held at the ERD in 
the capital today.

This assistance is the first subprogram of the indicative $700 million 
Climate-Resilient Inclusive Development Program. Bangladesh is one of the 
world's most vulnerable countries to the adverse impacts of climate change, 
recording an annual average loss of about US$3 billion, said a press release.

"As the region's climate bank, ADB is committed to support Bangladesh's 
progressive actions to strengthen its climate resilience, transition to a 
low-carbon economy, mitigate its greenhouse gas emissions, and mainstream 
gender equality and social inclusion in the government's climate actions," 
said ADB Country Director Edimon Ginting.

The programme will create an enabling institutional and policy environment to 
mobilize climate finance, prioritize climate actions in the country's overall 
development agenda, and help the government implement reforms in climate-
critical sectors, including agriculture, disaster management, transport and 
infrastructure, urban development, and energy.

The programme facilitated the creation of the National Committee for 
Environment and Climate Change headed by the Prime Minister for holistic 
implementation of the government's climate priorities across ministries.
 
The programme will intensively support the government in operationalizing the 
Bangladesh Climate and Development Partnership presented recently at COP 28. 

The programme supports the mainstreaming of climate priorities in government 
planning and resource allocation, and the mobilization of climate finance 
through green bonds and sustainable finance policy.

At the sectoral level, the programme promotes climate-smart and climate-
resilient agricultural practices, especially those that favor female farmers, 
adaptation of solar irrigation pumps, introduction of climate-resilient 
infrastructure design and planning, and regulatory framework for adaptation 
of electric vehicles and introduction of electric buses in the public 
transport fleet. 

The ADB also helps promote climate-resilient city action plans and improved 
drainage system for municipalities to reduce urban flooding.

In October 2021, ADB announced it is raising its ambition to deliver climate 
financing to its developing member countries to $100 billion from 2019 to 
2030. This will expand access to new, climate-focused technologies and 
mobilize private capital toward climate finance.