The Manila-based Asian Development Bank (ADB) has approved a $180 million loan to help Bangladesh recover from last year's devastating floods. "The assistance will enable rehabilitation of public and community infrastructure," the ADB said in statement obtained by Reuters on Saturday. According to a joint assessment by the ADB and the World Bank, the floods had caused damage worth at least $2.3 billion, or 3.9 percent of annual gross domestic product, the ADB said.
"The floods adversely affected 36 million people, or about 25 percent of the population, and caused severe damage to infrastructure and other assets," it said.
"They also disrupted economic activities, inflicting heavy losses to agricultural and industrial output and slowed down expansion in services."
The country's worst floods in 15 years killed more than 1,000 people and submerged about 1.1 million hectares (2.77 million acres) of crops, officials said.
The loan will be directed at rural infrastructure, roads, railways, water resources, and municipal infrastructure, the ADB said.
Th money would come from the ADB's concessional fund, with interest of 1 percent, a term of 40 years and a grace period of 10 years.