The Asian Development Bank (ADB) has approved a $250 million policy-based loan to Bangladesh to support social protection reforms aimed at protecting vulnerable populations from socioeconomic challenges.
According to an ADB statement, the loan will finance Sub-programme 2 of the Strengthening Social Resilience Programme, which will build on the first Sub-programme, which implemented institutional and policy reforms that strengthened the inclusiveness and responsiveness of social protection in Bangladesh. Improved usability of mobile financial services via quick response (QR) code payment services will broaden financial inclusion of the disadvantaged, particularly in rural areas.
ADB’s cumulative assistance to Bangladesh since 1973 amounted to approximately $48 billion in loans, grants, and co-financing as of 2021. As of April 2022, ADB’s active portfolio in the country was around $11 billion, with 50 projects.