ADB to accelerate project implementation for faster socio-economic recovery

The Government of Bangladesh and Asian Development Bank (ADB) at a tripartite portfolio review meeting (TPRM) today assessed the 2020 performance and agreed on short- and medium-term roadmaps for 2021-2022 to further accelerate implementation of ADB-assisted projects.

Fatima Yasmin, Secretary, Economic Relations Division (ERD), and Manmohan Parkash, ADB Country Director for Bangladesh, co-chaired the virtual TPRM. Around 300 senior government officials, project directors, and ADB staff participated in the first such review meeting in 2021, according to a press release.

"Post pandemic, we are focusing on accelerated project implementation for faster socioeconomic recovery," said ADB Country Director Manmohan Parkash. "Expediting procurement, accelerating approval, mobilizing consultants and contractors early, and implementing health safety guidelines are some of the special actions agreed today".

"We also agreed on the need for engaging good consultants and contractors, effective contract management, efficient land acquisition and resettlement, proper implementation of environmental management plan, and sound financial management, in addition to ensuring proper readiness before processing projects," Parkash added.

The meeting reviewed the progress of actions agreed in late 2020, and readiness status of 2021 projects in the pipeline. Specific actions were agreed on for slow moving projects to utilise the project money expeditiously. 

ADB's current sovereign portfolio has 52 projects with $11.26 billion. ADB operates in Bangladesh in six sectors: energy, transport, water and urban/municipal infrastructure and services, education, finance, and agriculture, natural resources and rural development. The cumulative lending to Bangladesh stands at around $39 billion in loans and grants, including co-financing.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members -- 49 from the region.