Bangladesh gets ADB aid

Bangladesh gets ADB aid

MANILA (Reuter): The Asian Development Bank (ADB) has approved a US$30 million concessional loan to Bangladesh to help develop irrigation facilities and boost fish output in the country, the Manila-based bank said yesterday.

"The project will also reduce poverty by augmenting income through increased agricultural and fish production," the Bank said in a statement.

The ability of the Pabna and the Meghna-Dhonagoda irrigation facilities to boost water efficiency will be enhanced by the loan to benefit over 300,000 people in the area.

The concessional loan has a repayment term of 40 years, including a grace period of 10 years. The annual service charge was set at 1.0 percent. The loan will finance 60 percent of the total project cost of $50.1 million.