The Asian Development Bank or ADB has recently approved US $ 143 million loan package to Bangladesh to support the Government’s efforts to accelerate growth by improving efficiency, predictability and security of cross-border trade.
It may be mentioned here as India continues to gain relevance as an export destination, especially for ‘Made in Bangladesh’ apparel items, the issue of cross border trade and connectivity has become a focus area for Bangladesh.
According to media reports, the ADB loan package includes a US $ 90 million policy-based loan — to complement the policy reforms, a US $ 53 million project loan will construct integrated land customs stations and land ports of the National Board of Revenue (NBR) and the Bangladesh Land Port Authority (BLPA) at Akhaura, Sonamasjid and Tamabil border crossing points (BCPs) — which will support reforms in areas including bringing the country’s customs legal frameworks in compliance with international standards, improving cargo clearance processes and strengthening the capacity of the NBR and the Ministry of Commerce.
ADB’s assistance supports the Government’s goal of accelerating economic growth through industrialisation and trade, meanwhile, reportedly, underlined ADB Principal Economist Tadateru Hayashi.
