According to the bank's website, "This project is an additional financing for Loan 3744-BAN: Microenterprise Development Project for $50 million (equivalent to 44.63 million) from the ordinary capital resources which was approved on 26 November 2018. The project aimed to promote microenterprise development for inclusive economic growth and poverty reduction. It supported improving microenterprise access to finance through the Palli-Karma Sahayak Foundation (PKSF), an apex development finance and capacity building organisation; and its partner organisations (POs), which are selected microfinance institutions (MFIs). The overall implementation progress is 100%. The cumulative contract awards and disbursements are equivalent to 44.63 million. All loan disbursements and liquidation have been completed in December 2019. The PKSF has disbursed $50 million (equivalent to 44.63 million) to its 77 Partner Organizations (POs) who have further disbursed $50.85 million to 34,065 microenterprises (MEs) with an average loan size of $1,493. This additional financing will provide much needed liquidity support to PKSF. It will benefit rural microenterprises which will restore economic activity, and boost incomes and consumption in rural areas. The major beneficiaries will be women. The sectors likely to benefit are agriculture, fisheries, livestock, small manufacturing, food processing, and services. In addition to promoting growth through forward linkages and developing product markets, the project when completed will be an effective driver for change in the rural economy, and can contribute to poverty alleviation by creating self-employment and wage-employment opportunities."
Responsible ADB Officer Varma, Jyotsana
Responsible ADB Department South Asia Department
Responsible ADB Division Bangladesh Resident Mission
Bank and Financial Institutions Division-MOF
Bangladesh Secretariat Dhaka-1000 Bangladesh
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ACCOUNTABILITY MECHANISM OF ADB
The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main .