Government Provides $100 Million ODA Loan for Bangladesh Economic Recovery Project
[Sejong=Asia Economy Reporter Son Seon-hee] The government has decided to provide $100 million in support for cooperative projects to help Bangladesh's economic recovery following the COVID-19 pandemic.
On the 15th, the Ministry of Economy and Finance announced that it approved a $100 million loan through the Economic Development Cooperation Fund (EDCF) for projects including the advancement of Bangladesh's public financial management system and improvement of financial accessibility for marginalized groups.
The EDCF is a concessional aid fund established in 1987 to support the economic development of developing countries and to promote economic cooperation between those countries and South Korea.
This project involves joint participation by the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), the OPEC Fund for International Development (OFID), and the EDCF, with a total project cost of $700 million.
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The government stated, "This project marks the first cooperative loan between the EDCF and AIIB," and added, "We plan to actively discover related cooperative loan projects to support the entry of our companies into the Asian market in the future."
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