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Bangladesh to get 35 billion yen from Japan

Bangladesh will receive 35 billion Japanese yen (approximately $330 million) from Japan as the two countries today signed Exchange of Notes for the COVID-19 Crisis Response Emergency Support Loan as an Official Development Assistance (ODA) from Japan to Bangladesh.

Economic Relations Division (ERD) Secretary Fatima Yasmin and ITO Naoki, Ambassador of Japan to Bangladesh signed Exchange of Notes at the NEC-2 Conference Room in the city’s Sher-e-Bangla Nagar area for the COVID-19 Crisis Response Emergency Support Loan, said a press release.
This financial assistance is provided in the form of a loan through JICA in the amount of 35 billion yen (Approx. USD 330 million) with very favorable terms (0.01% interest rate and an 11-year repayment period after the grace period of four years).

The loan will be cofinanced with Asian Development Bank – ADB to enable rapid and effective utilization of the loan to counter the COVID-19 pandemic.

Up to the present, the government of Japan has provided approximately USD 13 million as the emergency support to tackle COVID-19 in Bangladesh through international organizations and provided PPE to the hospitals through JICA.

Additionally, on July 16, Japan and Bangladesh signed the Exchange of Notes on Japanese Grant aid “Economic and Social Development programme” (approximately USD 10 million) for the medical equipment .

These aids focus on the medical and health sectors currently combating the COVID-19 pandemic.

The Government of Japan hopes that COVID-19 pandemic in Bangladesh will be brought to an end soon and the financial support will contribute to the remarkable development of Bangladesh.