Bangladesh will receive $338 million from the Asian Development Bank (ADB) for the production of vaccinations that will protect people from a variety of diseases.
In a meeting with Planning Minister MA Mannan today at the latter’s office in the capital, ADB Country Director Edimon Ginting discussed this.
The planning minister told reporters following the meeting that the government had started a draft proposal to produce vaccines locally to provide protection against a variety of diseases like COVID-19 and dengue.
He claimed that as time goes on, several new illnesses and viruses may strike humanity, necessitating early precautions.
The project is being painted in this frame, he continued.
In the meeting, the ADB proposed a $338 million loan for the project, of which half would have a reduced interest rate and the other half a regular interest rate, according to Mannan.
Apparently, the ADB has asked the government to swiftly approve the project, he said. The planning minister responded by promising to make earnest efforts to quickly approve the proposal.
According to Mannan, the ADB country director told him that in terms of the working environment, disbursement, project implementation, and loan approval in Bangladesh, the previous fiscal year had gone well for the ADB and himself.
According to the ADB country director, this move to finance the vaccine manufacturing project was taken to assist Bangladesh in reducing its reliance on vaccine imports and to promote greater domestic production.
According to him, the project will cost about $351 million in total. The country needs to increase its capacity in vaccine production since, after the LDC graduation term, Bangladesh won’t be able to buy vaccines at a discount but rather at market prices.
“To enhance the capacity of the government of Bangladesh in vaccine production, this project is being taken up and we want that this project is passed in a speedy manner,” he added.
Ginting also disclosed that the ADB has committed to lending Bangladesh $3.5 billion in the current fiscal year, of which $2 billion would be on a concessional basis and the remaining $1.5 billion would be on a regular basis.
