DHAKA, 24 December 2020, (TON): The Asian Development Bank (ADB) has provided $50 million additional loans to Bangladesh for the assist of the micro-entrepreneurs affected by the ongoing Covid-19 pandemic. On Monday, the Asian Development Bank has signed a loan agreement with Bangladesh for this purpose.

Economic Relations Division (ERD) Secretary Fatima Yesmin and ADB Country Director Manmohan Parkash signed the loan agreement from both sides individually.

Manmohan Parkash said that the assistance would boost the socio-economic progress of Bangladesh by regaining the losses during the pandemic, and it would help micro-entrepreneurs to continue their business.

He added, "It will also secure at least 90,000 jobs for the micro-entrepreneurs of whom 70 percent are women, and it will also contribute to extending the rural economy.

According to the ADB, it will provide the loan under the ongoing Micro-Enterprise Development (MDP) project. The Bangladesh government will give the loan through the government's financial institution Palli karma Sahayak Foundation (PKSF).

Under this ongoing project, nearly 120 microfinance institutions will benefit at the rural level, and it will also encourage e-commerce by providing loans in the rural area.

Besides, the PKSF will provide loans to 39,580 micro-entrepreneurs through its 77 partner organizations which will offer 91,430 job facilities at the rural level.

The Asian Development Bank was founded in 1966 with the intent of promoting social and economic development in the Asia region. The headquarter of it is located in the Philippines. Japan, the United States, and other industrial countries sponsor largely the fund for this.