France to support Bangladesh with €300 mn in budget aid: Reports

25 May '24

1 min read

France to support Bangladesh with €300mn in budget aid: Reports

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Bangladesh has secured €300 million in loan as budget support from France.
The France development partner-AFD confirmed the concessional loan through an agreement with the Economic Relations Division (ERD), as per reports.
ERD secretary Md Shahriar Kader Siddiky and AFD deputy county director for Bangladesh Cecilia Cortese signed the loan agreement.

Bangladesh has secured a €300 million loan from France as budget support, set to be disbursed over the next three years.

The French development partner, Agence Française de Développement (AFD), confirmed the concessional loan through an agreement with the Economic Relations Division (ERD) recently, as underlined by media reports.

ERD secretary Md Shahriar Kader Siddiky and AFD deputy country director for Bangladesh Cecilia Cortese signed the loan agreement at the ERD office in Dhaka.

The signing ceremony was also attended by the French ambassador to Bangladesh, Marie Masdupuy.

Under the three-year programme, spanning the fiscal 2023-24 to FY 2025-26, Bangladesh will receive €100 million each year.

Additionally, the AFD will provide €5 million in grants to build the capacity of various stakeholders involved in implementing the policy loan.

The programme aims to support Bangladesh’s climate-resilient and low-carbon development pathway, aligning with the medium and long-term national priorities outlined in the National Adaptation Plan (NAP), the Mujib Climate Prosperity Plan (MCPP), and the Nationally Determined Contributions (NDC).

The first tranche of €100 million is expected to be disbursed by June 2024.

Fibre2Fashion News Desk (DR)

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