ADB provides 76 mln USD to support SME-led growth in Bangladesh

19:19, October 12, 2009      

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The Asian Development Bank (ADB) Monday signed an agreement with the Bangladeshi government for a 76-million-U.S.-dollar soft loan to help create employment by expanding non-urban small and medium-sized enterprises (SME) in the South Asian country.

The loan, from the bank' s concessional Asian Development Fund, is designed to help cut poverty and create jobs outside the major urban centers of Bangladesh, said a press release of the Manila-based multilateral funding agency here on Monday.

The Asian Development Bank said SMEs are the lifeblood of the Bangladesh's rural economy, generating nonfarm activities that provide more than 50 percent of the rural population's employment and income.

It said a project, which will be launched soon, is expected to generate 1.46 million jobs in the SME sector and would benefit more than 66,000 SMEs across the country, primarily in rural and nonurban areas during 2009-2012.

Bangladesh's Economic Relations Division Secretary M Musharraf Hossain Bhuiyan and Officer-in-Charge of ADB's Bangladesh Resident Mission Nurul Huda signed the loan agreement on behalf of their respective sides, the ADB press release said.

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