FinMin seeks ADB support for trade policy, logistics, climate reforms

Finance Minister Abul Hassan Mahmood Ali has sought policy-based lending support from the Asian Development Bank for undertaking trade policy, logistics, climate, and LDC graduation reforms.

During a meeting with ADB President Masatsugu Asakawa, he also requested the Manila-based multilateral lender to increase concessional climate finance and facilitate cross-border energy trade, according to a finance ministry press release.

The finance minister has also urged the ADB to assist Bangladesh in its initiatives for tax sector reform, undertaking projects for river restoration, and developing some of the thrust sectors of its economy, such as jute, leather, and tourism, towards the country's drive for diversifying its economy.

In response to the finance minister's request, the ADB president praised the Bangladesh government's strong climate and development agenda and assured of the lender's continuous support – both in sovereign and non-sovereign resources – in Bangladesh's prioritised sectors.

The finance minister is currently leading a seven-member Bangladesh delegation to the 57th annual meeting of the ADB at Tbilisi, the capital of Georgia.

On his first day of engagement with the ADB, the minister also attended a high-level panel titled "Harvesting Hope: Ensure a Food-Secure, Climate-Resilient Asia and the Pacific" alongside a distinguished panel of speakers.

In his remarks, the minister highlighted how a land scarce country like Bangladesh emerged globally as the third largest producer of rice and vegetables by increasing food production, supporting agriculture, and expanding social safety programmes under the guidance of Prime Minister Sheikh Hasina's inclusive development policies.

The minister sought increased support from the development partners, including ADB, to improve Bangladesh's food distribution system, develop market connectivity, and scale up innovation in agriculture in the wake of climate challenges.