The Asian Development Bank (ADB) on Thursday approved a loan package of USD 143 million for Bangladesh to support government efforts to accelerate growth by improving efficiency, predictability, and security of cross-border trade.
ADB Principal Economist Tadateru Hayashi said that ADB’s assistance supports the government’s goal of accelerating economic growth through industrialization and trade. It will help diversify the country’s export products and destinations. Improved connectivity will facilitate subregional trade and commerce among the South Asia Subregional Economic Cooperation countries, said Hayashi.
The loan package includes USD 90 million to support reforms in areas including bringing the country’s customs legal frameworks in compliance with international standards, improving cargo clearance processes, and strengthening the capacity of the National Board of Revenue (NBR) and the Ministry of Commerce.
The USD 53 million component of the loan is earmarked for construction of integrated land customs stations and land ports of NBR and the Bangladesh Land Port Authority (BLPA) at Akhaura, Sonamasjid, and Tamabil border crossing points (BCPs). Facilities and equipment for customs clearance and cargo transshipment operations will also be installed, said ADB.
