ADB provides $143 million to improve trade facilitation in Bangladesh

The Asian Development Bank (ADB) and the Bangladesh government have signed an agreement for a $143 million policy-based loan to improve the volume,efficiency, predictability and security of cross-border trade in the country.

Economic Relations Division Secretary Fatima Yasmin and ADB Country Director Edimon Ginting virtually signed the agreement, said a media release Thursday, reports UNB.

"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 subregional trade and commerce," Edimon Ginting said.

The assistance will help increase the volume of imported and exported cargoes at the Akhaura, Sonamasjid, and Tamabil border crossing points (BCPs) by 50 percent by 2027 while reducing average customs clearance and cargo transshipment time by 50 percent, he added.

"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 central customs laboratory, customs warehouse, and customs regional training academy will be designed," Ginting said.