ADB approves $400M for Bangladesh climate adaptation efforts

By SM Najmus Sakib

DHAKA, Bangladesh (AA) - The Asian Development Bank (ADB) on Friday approved a $400 million policy-based loan to help Bangladesh achieve climate-focused inclusive development.

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, said the Manila-based bank in a statement.

The bank approved the loan for Bangladesh’s “National Adaptation Plan, 2023–2050 and Nationally Determined Contributions 2021 Update to the Paris Agreement” to address climate effect challenges.

This loan is the first subprogram of the $700 million Climate-Resilient Inclusive Development Program, which will help Bangladesh strengthen its climate resilience, transition to a low-carbon economy, mitigate its greenhouse gas emissions, and mainstream gender equality and social inclusion in the government’s climate actions, it added.

“Climate shocks have been severely disrupting Bangladesh’s growth and poverty alleviation. Financing needs for climate actions are astronomical,” said ADB Principal Public Management Economist Aminur Rahman in the statement.

The program will intensively support the government in operationalizing the Bangladesh Climate and Development Partnership launched recently at COP 28.