Bangladesh Secures $1.5 Billion Boost for Banking Reforms and Climate Initiatives

The Asian Development Bank (ADB) and the World Bank (WB) have collectively approved over USD 1.5 billion in loans to support Bangladesh's banking sector reforms and climate change initiatives, according to reports on Friday.

ADB's USD 900 million package will aid in stabilizing Bangladesh's banking system and promote climate-resilient projects, as reported by The Daily Star. The initiative aims to bolster governance, stabilize asset quality and ensure sector stability, while USD 400 million will support inclusive developmental programs mitigating climate impact.

The World Bank separately granted USD 640 million for enhancing gas supply and improving air quality across Bangladesh, easing pressure on the nation's foreign currency reserves.

(With inputs from agencies.)