The Asian Development Bank (ADB) will lend Tk 1,233 crore to Bangladesh to enhance its efficiency in international trade. To accelerate the growth of the country, Bangladesh will be able to utilize this loan in sectors such as forecast qualification and security improvement.
This information was given in a report published by the company last Thursday. It called for improving the quality of exports to Bangladesh, increasing capacity for signing bilateral trade and investment cooperation agreements.
In addition, further coordination between the border agencies and the private sector in the implementation of trade facilitation strategies to increase export diversification and competitiveness has been mentioned.
Tadateru Hayashi, ADB’s chief economist, said the ADB’s assistance would support the government’s goal of accelerating economic growth through industrialization and trade. In addition to helping to diversify export products and destinations, the program will facilitate trade and commerce between South Asian allies through improved communication.
The ADB assistance includes a policy loan of Taka 6 crore, which can be used for various reforms including upgrading the country’s customs legal framework to international standards, improving the cargo clearance process, strengthening the powers of the National Board of Revenue (NBR) and the Ministry of Commerce.
Apart from this, integrated land customs stations and land ports will be constructed at the border of Akhaura, Sonamasjid and Tamabil at a cost of Tk 458 crore through Bangladesh Land Port Authority (BLPA) and NBR. Auxiliary equipment will be installed for improved customs clearance and cargo transportation.