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Asian Development Bank approves US$ 67.8m in loan

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December 25, 2000 

Dhaka-- (UNB) – The Asian Development Bank has approved US$ 67.8 million in loan for rehabilitating vital infrastructure damaged by floods in Southwest Bangladesh.

An ADB announcement says here yesterday (Sunday) the Southwest Flood Damage Rehabilitation project “aims to restore normal economic and social activity as soon as possible in an area disrupted by its first major flood in 60 years”.

The project will also establish a socioeconomic rehabilitation fund, to be managed by the highly regarded non-governmental organization (NGO), Palli Karma Sahayak Foundation.

The financing package consists of US$54.8 million Asian Development Fund plus US$13 million loan savings from the ongoing projects. The soft loan will be repayable over 32 years, including a grace period of eight years.

In the meantime, New Zealand has raised its contribution by more than 10 percent to the Asian Development Bank’s concessional fund to fight poverty in Asia and the pacific.

In Okinawa of Japan in September, New Zealand was among the donors that agreed on a US$5.6 million replenishment of the Asian Development Fund.

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