ADB gives $143m to help enhance cross-border trade
The Asian Development Bank (ADB) will provide a $143 million policy-based loan to Bangladesh to improve the volume, efficiency, predictability, and security of cross-border trade in the country.
To this end, the ADB signed an agreement with Bangladesh on June 15, the bank said in a press release yesterday.
Fatima Yasmin, secretary of the Economic Relations Division, and Edimon Ginting, country director of the ADB, virtually signed the agreement.
Addressing the event, Ginting said aligning with Bangladesh's policies and strategies, the ADB is helping enhance export diversification and competitiveness for accelerating growth with industrialisation and trade and expanding sub-regional trade and commerce.
The ADB assistance will help increase the volume of imported and exported cargoes at the Akhaura, Sonamasjid, and Tamabil border crossing points (BCPs) by 50 per cent by 2027 while reducing average customs clearance and cargo trans-shipment time by 50 per cent, he said.
"E-payment at the three BCPs will be implemented, with their capacity increased to handle 520,000 tonnes per year of international transit cargoes, and a central customs laboratory, customs warehouse, and customs regional training academy will be designed," he added.