Original disclosure @ AIIB website
Updated in EWS May 5, 2022
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According to AIIB, the objective of this investment is to help the Government of Bangladesh implement policy reforms to accelerate economic recovery from the COVID-19 pandemic. This proposes Program (Sub-program 1) is a policy-based financing that will focus on: (i) enhancing fiscal space through improved public financial management (PFM) for revenue and public expenditure, and (ii) enabling environment to foster the growth of cottage, micro, small and medium-sized enterprises (CSME) and associated employment, in line with initiatives of country's Eighth Five Year Plan, 2021-2025. This investment is to be supported under AIIB's COVID-19 Crisis Recovery Facility (the Facility) and co-financed with the Asian Development Bank (ADB).
The proposed Program will be co-financed with ADB as the lead co-financier. To ensure a harmonized approach to addressing environmental and social (ES) aspects of the Program, as permitted by AIIB’s ESP, ADB’s SPS will apply to the Program in lieu of AIIB’s ESP. The Bank has reviewed ADB’s SPS and is satisfied that: (i) ADB’s SPS is consistent with the Bank’s Articles of Agreement and materially consistent with the provisions of the Bank’s ESP; and (ii) the monitoring procedures that are in place are appropriate for the Program.
The Program is expected to benefit all citizens of Bangladesh, including poor and vulnerable groups unemployed because of COVID-19 and underserved segments of the market, including CSMEs. The poor and vulnerable groups are anticipated to be benefited through improved targeting of the delivery of social safety nets. The Program is also likely to enhance gender equality and women’s empowerment through access to credit from the formal banking channels and participation in the decision-making process.
PROJECT TEAM LEADERS:
1. Asian Infrastructure Investment Bank
Sangmoo Kim
Senior Investment Operations Specialist
2. Asian Development Bank
Srinivasan Janardanam
Principal Financial Management Specialist
BORROWER:
Md. Shahriar Kader Siddiky
Joint Secretary & Wing Chief (Asia, JEC, F&F),
Economic Relations Division (ERD)
Ministry of Finance
ACCESS TO INFORMATION
You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html
ACCOUNTABILITY MECHANISM OF AIIB
The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html
The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html
