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ADB aid disbursement 62 pc

By S Y Bakht
The net effective Aslan Development Bank (ADB) loans to Bangladesh stood at about 3 21 billion US dollars upto December, 1991 of which 61.55 per cent or *1.98 billion was disbursed
According to the ADB Annual Report 1991 released Sunday, the bank's lending to Bangladesh last year totalled *418.5 million while a little over *276 million was dis bursed during the same pe nod
Three private sector industries also received ADB loan approvals totalling *13.36 mil lion upto 1991 while disbursement during the year stood at *28 million, the report notes. Bangladesh became a member of the bank, currently with 36 regional and 16 non-regional members. In 1973 and now owns 18,064 or 1.12 per cent of the total shares of the bank with a subscribed capital of about *258.39 million of which only about *31 million Is paid-In, the reports says. The country« voting power consists of 25,828 votes or about 1 28 of the total.
The report grimly notes the significant slowdown in over all growth In the country due to the adverse effects of the Gulf war and unfavourable conditions In agriculture
"Bangladesh's 3.3 per cent Gross Domestic Product (GDP) growth was a substantial de-cline from the 6.6 per cent In 1990. It says, adding that agricultural growth decelerated to 13 per cent from the 10 per cent the year before due to a severe cyclone that struck the coastal areas during that year. The Industrial growth rate also came down to 2.6 per cent from 6.3 per cent the previous year.
However, the report points out that the country enjoys a comfortable balance-of-payments position and the current account deficit decreased to 1.4 per cent of ODP.
Although merchandise imports were reduced by about 12 per cent, export growth slowed to about 2.6 per cent from about 28 per cent in 1990 as the Gulf war disrupted sales of Jute, leather and gar ments.
Implementation of the financial sector reform pro gramme has made substantial progress, the report says not Ing that a list of the 1OO largest defaulters' has been prepared and efforts are un derway to Intensify debt recov ery.
The Aslan development out look 1992 summary. the bank s annual survey of economic progress, also points out that the country’s economic outlook Improved with the end of the Gulf war and the consequent improvement in the external economic envlronment. along with the positive results of recent reforms.
Noting that tile economy is forecast to grow by 4.7 per cent during the current year and 5.2 per cent tn 1993, it says 'the momentum of growth will depend on speedy implementation. intensification and continuity of the reforms that have already been initiated."
The bank's loan programme for Bangladesh has a multisectoral approach covering agriculture, energy, social infrastructure, transportation, and industry
The approach, the ADB Annual Report notes, has been "adopted to enhance productivity, support policy and Institutional reforms, particularly those concerning domestic resource mobilization and insti tutlonal strengthening, and help accelerate economic growth"
The bank approved a total of 99 loans amounting to 43.57 billion for 91 projects by the end of 1991. Of them, the re port points out. 51 had been closed and the rest 48 were under administration.
Seven loans were waiting to become effective and four loans were closed In 199 1. The agriculture sector received a $73 million loan and a $388,000 technical assts tancc grant under the north cast minor irrigation project
A $51 million loan and a $240,000 technical assistance grant were approved for the second health and family plan nlng services project while a $49.2 million loan was given for the higher secondary edu cation project and a $91.5 million loan and a $570,000 technical assistance grant was approved for the Dhaka Integrated Flood Protection Project.
Of the loans approved for Investments in the private sector, two of Investments amounting to $6.5 million equivalent, remained active by the end of 1991, the report says
Both the active loans were to textile Industry projects which were given directly to the Investors. The third loan given in 1990 was given for setting up of an insurance company.