Tripartite Review to Accelerate ADB-assisted Project Implementation in Bangladesh

COX’S BAZAR, BANGLADESH, April 28 (NsNewsWire) —  The Government of Bangladesh and Asian Development Bank (ADB) today jointly reviewed the implementation progress of ADB-assisted projects to further improve development results.

Farida Nasreen, Additional Secretary, Economic Relations Division (ERD), and Manmohan Parkash, Country Director, ADB, co-chaired the Tripartite Portfolio Review Meeting (TPRM) in Cox’s Bazar.

The TPRM discussed the status of overall portfolio and prioritized actions to achieve development results timely. Special emphasis was laid on safeguards, financial management, and gender-related actions. The government project executing agencies were briefed about and encouraged to use the new ADB procurement policy approved in 2017. Around 250 senior government officials, project directors, and ADB staff participated in the first such review meeting in 2019.

“The objectives of the review are further accelerating project implementation through early identification and quick resolution of project issues to help deliver faster development results and better outcomes,” said Country Director Manmohan Parkash. “We are encouraged by the record contract awards and disbursements in 2018, and look forward to achieving even better results in 2019.” “In 2018, ADB committed highest level of support of $4.8 billion to Bangladesh, with eight sovereign projects totaling $2.2 billion in loans and grants, $16.5 million in technical assistance, and $2.6 billion mobilized in cofinancing”.

ADB’s current portfolio has 93 loans and grants for 52 projects with over $10 billion under sovereign portfolio. ADB focuses its cooperation in Bangladesh on six sectors—energy; transport; water and urban/municipal infrastructure and services; education; finance; and agriculture, natural resources, and rural development. As of 31 December 2018, ADB’s cumulative lending to Bangladesh stood at around $23 billion for 284 loans, $269 million for 429 technical assistance projects, and $932 million for 44 grants.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region. Press Release