Dhaka: Country Director of the Asian Development Bank (ADB) for Bangladesh, Hoe Yun Jeong, has announced the Manila-based lending agency's intention to increase its investments in various projects across Bangladesh in the coming years, aiming to benefit a larger population.
According to Bangladesh Sangbad Sangstha, the ADB Country Director emphasized the organization's clear objective to scale up investments and replicate successful initiatives nationwide. This expansion is intended to extend the benefits of ADB's support to more municipalities and cities, thereby reaching a broader segment of the population.
During his visit to ADB-funded project sites in Patuakhali and Khulna, Jeong highlighted the importance of collaboration with the government to determine future funding directions. He expressed pride in the ADB's involvement in these projects, noting the significant impact they have had on local communities.
Jeong elaborated on the ADB's strategy for addressing salinity issues in coastal areas through the Coastal Town Climate Resilience Project. The project not only tackles salinity but also aims to stimulate economic activities, benefiting local populations.
He further stated that the ADB's urban sector projects adopt an integrated approach to enhance economic and socio-economic activities, contributing to the overall development of municipalities. Jeong acknowledged Bangladesh's vulnerability to climate impacts and reiterated the ADB's commitment to supporting coastal towns exposed to climate risks.
The ADB Country Director also mentioned the ongoing development of the city region development scheme, which will focus on integrating urbanization and industrialization to transform municipalities into growth centers. This approach is expected to yield substantial economic and developmental benefits for residents.
Officials at the Economic Relations Division (ERD) revealed that the ADB plans to provide approximately $2.5 billion in support of various projects in 2026, reflecting the agency's continued commitment to strengthening its partnership with Bangladesh. A senior official from the Ministry of Finance indicated that this funding would support at least ten development projects.
The ADB's current Country Partnership Strategy (CPS) for 2021-2025 is set to conclude in 2025, with the agency having provided $2.52 billion in the last fiscal year. The ADB, which stands as the second-largest multilateral development partner for Bangladesh, has a current portfolio of around $11.8 billion covering 51 ongoing projects. Since 1973, the ADB has extended $33.951 billion in loans and $571.2 million in grants across various sectors in Bangladesh.