ADB loans Bangladesh $300 mn to improve market

Syndicated from IANS | Published on Thu, Nov 29 2012 20:18 IST | 5 Views | Add comment

The Asian Development Bank (ADB) and Bangladesh Thursday signed an agreement for $300 million loan to help the country stabilise its financial market, making it safer and more attractive to invest.

The assistance will help meet the long-term financing requirements and thereby address the current infrastructure investment gap in Bangladesh, Xinhua quoted the Manila-based lender as saying in a statement.

Iqbal Mahmood, senior secretary of Bangladesh's Economic Relations Division, and M. Teresa Kho, country director of ADB's Bangladesh Resident Mission, signed the agreement.

The ADB loan will be used to help the securities regulator, the Securities and Exchange Commission, do a better job of independently overseeing activities, and to set up specialized tribunals to deal with financial cases.

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