DHAKA, Dec. 9 (Xinhua) -- The Asian Development Bank (ADB) on Friday approved a 400 million U.S. dollars policy-based loan to support the government of Bangladesh in implementing its National Adaptation Plan (2023-2050) and 2021 Update of the Nationally Determined Contributions to the Paris Agreement, to achieve a climate-focused inclusive development.
This loan is the first subprogram of the indicative 700-million-dollar Climate-Resilient Inclusive Development Program, which will help Bangladesh strengthen its climate resilience, transition to a low-carbon economy, mitigate greenhouse gas emissions, and mainstream gender equality and social inclusion in the government's climate actions, said the Manila-based lender in a statement.
"Climate shocks have been severely disrupting Bangladesh's growth and poverty alleviation. Financing needs for climate actions are astronomical. Bangladesh has strongly committed to tackling this challenge, and ADB, as the region's climate bank, is ready to support Bangladesh in its efforts," said ADB Principal Public Management Economist Aminur Rahman.
The program will create an enabling institutional and policy environment to mobilize climate finance, prioritize climate actions in the country's overall development agenda, and help the government implement reforms in climate-critical sectors, including agriculture, disaster management, transport and infrastructure, urban development, and energy, said the bank.
ADB said Bangladesh is one of the world's most vulnerable countries to the adverse impacts of climate change, recording an annual average loss of about 3 billion dollars. ■
