The Asian Development Bank (ADB) will assist small entrepreneurs in creating employment in Bangladesh. For this, the company is giving a loan of 150 million dollars. In Bangladeshi currency, the amount is about 1,265 crore Tk (85 Tk per dollar).
The Department of Economic Relations (ERD) signed a loan agreement in Sher-e-Bangla Nagar on Monday (November 29). On behalf of the government, ERD Secretary Fatima Yasmin and on behalf of the ADB, the agency’s Country Director Edimong Ginting signed the agreement.
The company is providing loans to the country’s young, expatriate workers and rural entrepreneurs affected by the Corona, especially cottage, micro and small women entrepreneurs (CMSE). Bangladesh Bank will distribute this loan among 30,000 CMSE entrepreneurs of the country. This funding is being provided to facilitate job creation and recover the vulnerable population from the effects of the epidemic.
In addition, people’s income in rural areas has decreased and employment opportunities other than agriculture have also decreased. Besides, rural entrepreneurs have also been severely affected by the corona. These communities will be assisted.
The ADB will also support 30,000 cottage, micro and small-scale enterprises affected by the Covid-19 pandemic. This funding will be provided to Bangladesh for cottage, micro and small-scale enterprises run by youth, returning migrant workers and rural people. The loan will help coronavirus victims, especially women entrepreneurs.
The ERD secretary said the ADB loan would help address the Covid-19 pandemic crisis. It will take forward the efforts of the government to assist in the socio-economic recovery of the victims.
Ginting, ADB Country Director, said the ADB’s efforts would help create new jobs. CMSME will be funded by preparing a comprehensive action plan. Small businesses will be assisted in coping with the crisis. In a word, ADB is giving loans to help people in crisis.
The project will create at least 45,000 jobs by 2025. Women will be given priority to help in economic recovery. 20 percent loan has been fixed for women. Under the program, 90,000 people will be given technical training.