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ADB grants $12.5m to boost women entrepreneurs in Sri Lanka

ADB grants $12.5m to boost women entrepreneurs in Sri Lanka

Asian Development Bank (ADB)Colombo : The Asian Development Bank (ADB) has granted $12.5 million to help women entrepreneurs in Sri Lanka who have difficulty in accessing finance.

The Finance Ministry in a statement on Monday said that since women led small and medium enterprises face significant difficulties in accessing finance, a grant of $12.5 million will be mobilized from the Women Entrepreneurs Finance Initiative.

Out of the total amount, around $9.5 million will be lent directly to business women through Sri Lankan lending institutions, Xinhua news agency reported. Grants do not have to be paid back.

The Ministry said women entrepreneurs will be given business training in former war-torn north and east and in the Uva and Sabaragamuwa provinces having high rates of poverty.

The World Bank in an earlier report urged Sri Lanka to encourage more women to work as this would not only help the country realize its economic potential but would build on its several achievements.

The report said Sri Lankan women, especially younger ones, do not sufficiently acquire marketable skills, face higher unemployment rates and receive lower wages than men.

—IANS

ADB approves $100m grant for displaced people in Bangladesh

ADB approves $100m grant for displaced people in Bangladesh

Bangladeshi childrenManila : The Asian Development Bank (ADB) said on Friday that it has approved a grant assistance of $100 million to help displaced people sheltered in 32 camps in Bangladesh.

The ADB said the grant was the first of an envisaged package totalling $200 million to help Bangladesh develop basic infrastructure and services for displaced persons, Xinhua news agency reported.

Since late August 2017, a large number of people have crossed the border from Myanmar’s Rakhine state into Cox’s Bazar at the southeast tip of Bangladesh.

The ADB said the displaced persons were living in 32 camps spread over the district. “Providing food, shelter, health, sanitation, water and other essential services in the camps while fending off disease is a daily challenge. If unaddressed, conditions are feared to worsen dramatically,” it said.

The ADB grant will support the displaced people sheltered in camps in the Ukhia and Teknaf subdistricts of Cox’s Bazar focusing on water supply and sanitation, disaster risk management, energy and roads.

The project will rehabilitate roads within the camps to connect essential food distribution and storage centres, hospitals, education facilities and provide emergency access, the bank said, adding it will also resurface the road from Cox’s Bazar to Teknaf and other critical sections.

It will also address the need of water, power and strengthen risk management of natural disasters.

The project has been developed and will be implemented in coordination with UN agencies, the World Bank and other donors, the ADB said.

—IANS

ADB grants $12.5m to boost women entrepreneurs in Sri Lanka

Tripura to execute Smart City project with ADB loan

Asian Development Bank, ADBAgartala : The Tripura government has taken a Rs 500 crore loan from the Asian Development Bank (ADB) and Hudco to execute the Rs 1,000 crore Smart City project here, Chief Minister Biplab Kumar Deb said here on Wednesday.

“The state government has taken Rs 500 crore as loan from the ADB and Hudco (Housing and Urban Development Corporation) to carry out the Rs 1,000 crore smart City project in Agartala by 2021. The loan was taken to meet the matching share of the state government,” Deb told the state Assembly.

Accusing the previous Left Front government of delaying the project, he said the Centre had sanctioned the Rs 1,000 crore project in 2016 and the Manik Sarkar regime had implemented it, it would have been completed by 2019.

Replying to a question by Bharatiya Janata Party (BJP) legislator Asish Saha, the Chief Minister said works for the project have already begun and the Union Housing and Urban Affairs Ministry has sanctioned Rs 196 crore.

Regarding floods and the chronic water-logging problems in Agartala, two multi-purpose dams would be constracted at the Baramura Hills at a cost of Rs 225 crore.

“The Ministry of Development of North Eastern Region has already sanctioned Rs 125 crore for the dams. The project has been approved by the North East Special Infrastructure Development Scheme,” the Chief Minister added.

After the construction of the two dams, pure water can be supplied to the people and livelihood opportunities of the tribals would be created, according to Deb.

—IANS

ADB, IndusInd Bank partner to provide finance to women borrowers

ADB, IndusInd Bank partner to provide finance to women borrowers

IndusInd BankNew Delhi : The Asian Development Bank (ADB) on Friday said it has signed a loan of up to $200 million with IndusInd Bank to provide finance to low income women borrowers in rural India.

The seven-year senior loan will go toward IndusInd Bank’s microfinance activities.

“ADB is proud to partner with IndusInd Bank in its efforts to expand finance to underserved people in India’s less developed states,” Christine Engstrom, Director in ADB’s Private Sector Operations Department said.

At least 95 per cent of Manila-based ADB’s funding for the project will be used to provide credit to women borrowers and at least 70 per cent of the number of loans will be deployed in country’s less developed states.

The loan aims to reach an additional 200,000 low income members by 2020, ADB said in a statement.

“A capacity building technical assistance of $1 million is expected to be part of the package. It will support IndusInd Bank’s efforts to improve financial literacy to women borrowers and to develop digitised processing and product development initiatives,” it said.

Romesh Sobti, Managing Director and Chief Executive Officer of IndusInd Bank said: “This significant agreement with ADB will help IndusInd Bank to further enhance its inclusive banking franchise and extend finance to women borrowers in less developed states of India, providing impetus to the bank’s financial inclusion and corporate social responsibility agenda.”

—IANS

ADB, India ink $200 million loan agreement for Jharkhand roads

ADB, India ink $200 million loan agreement for Jharkhand roads

jharkhandroadNew Delhi, (IANS) The Indian government and the Asian Development Bank (ADB) on Friday inked an agreement for a $200 million loan to upgrade 176-km roads in Jharkhand, an official statement said.

“The financing for the Jharkhand State Roads II Project will help upgrade the existing sections of four state roads and also support improvements in the design, safety and maintenance of the road network,” a Finance Ministry statement said.

The project will also develop a road safety master plan of international standard, which will promote road safety in Jharkhand.

ADB India Director Teresa Kho said: “The new assistance will continue the ongoing physical upgrades as well as increasing the institutional capacity of the State Highways Authority of Jharkhand (SHAJ) as an autonomous road development agency.”

The safety and environmental friendly features include 60 bus stop shelters, 50-km raised sidewalks in urban areas, four-km dedicated bicycle lanes and solar-powered street lights.