Bangladesh to get $500 million budget support from ADB

The Asian Development Bank (ADB) is set to give a budget support of $500 million to Bangladesh for economic recovery.

 ADB Country Director Edimon Ginting said this following a meeting with Planning Minister MA Mannan on Thursday.

He said that the budget support will also help the government agendas to accelerate implementations of policies on climate change.

"Challenges coming from the global uncertainty has affected the economy slightly but I think the country is managing it well," he added. 

In response, Planning Minister MA Manna said this loan will be helpful in rehabilitation of the flood affected population.

About the interest rate of the loan ADB Country Director Edimon Ginting said for now it has been fixed at 0.5%. Bangladesh will have a grace period of three years and the country will get 15 years to repay the loan.

However, both the ADB country director as well as the planning minister have said that the terms of the loan are not yet concrete. There might be some alterations following discussions regarding the matter.