Dhaka, Bangladesh (Mortenhuebbe/Dreamstime)

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Asian banks loan Bangladesh $250m to help it weather the coronavirus crisis

21 May 2020 | By GCR Staff | 0 Comments

The Asian Infrastructure Investment Bank (AIIB) and the Asian Development Bank (ADB) have co-financed a $250m loan to Bangladesh to support the country through the Covid-19 pandemic.

The money will be used to strengthen social safety nets, help those who have lost jobs in SMEs as well as women in export industries.

The ADB estimates that job losses could be between 1.4 to 3.7 million owing to a serious coronavirus outbreak, and that 80% of Bangladesh’s workforce is employed in the informal sector, making it difficult to maintain the recommended 2m space between people.

The loan is being made through the AIIB’s “Covid-19 Crisis Recovery Facility”, which is co-financed by the ADF.

DJ Pandian, AIIB vice president, said: “Our support to Bangladesh is part of AIIB’s broader proactive efforts to respond to the needs of our vulnerable members to weather the Covid-19 crisis.

“It is incumbent on the international community to come together to ensure that the country does not fall behind but continues to make strides in its development efforts.”

Image: Dhaka, Bangladesh (Mortenhuebbe/Dreamstime)