ADB to Provide Bangladesh $300 Million Loan to Enhance Skills of Labour Force

Bangladesh will receive $300 million from the Asian Development Bank (ADB) to improve labor force skills, increase employment opportunities, and increase remittances.

The Bangladeshi government and the ADB inked a loan deal on Monday at ERD in the nation's capital.

The contract was signed by Jiangbao Ning, the ADB's Deputy Country Director for Bangladesh, and Sharifa Khan, the ERD's secretary.

The Finance Department of the Ministry of Finance will implement the program titled 'Skills for Industry Competitiveness and Innovation Program' in the period 2024-2041 with the collaboration of different government and private training institutions.

The objectives of this program are to increase the flow of remittances by sending skilled manpower abroad and providing technical and ICT based training to labour force to enhance their skills.

Finance Division will be responsible for fund management and coordinator of this program, said a press release.

Since Bangladesh joined the ADB in 1973, one of its main multilateral Development Partners, the ADB, has provided aid to the nation. More than US$ 29,664 million in loans and US$ 553.4 million in grants have been made by ADB to Bangladesh to far.

The Bangladeshi power, energy, local government, transportation, education, agricultural, health, water resources, governance, and finance sectors are the principal recipients of ADB development assistance.

Source: UNB