The Asian Development Bank (ADB) has sought the government’s approval to issue local-currency bonds through mobile money platforms to raise funds for Bangladesh’s development projects, officials confirmed.

The Manila-based lender recently submitted a proposal to the Economic Relations Division (ERD) under the Ministry of Finance, outlining its plan to introduce taka-denominated bonds in the domestic market. Upon the success of the local launch, the ADB intends to offer the bonds to international investors, officials said.

ADB officials said the proposed initiative aims to mobilise domestic savings and channel them into infrastructure and industrial development.

The ADB is Bangladesh’s second-largest development partner, providing about US$2 billion annually in public-sector financing while also supporting private enterprises through loans and investments.

Officials noted that the government remains cautious, recalling the International Finance Corporation’s (IFC) taka-denominated “Bangla Bond” issued in London in 2019, which met with limited success. “We will thoroughly scrutinise ADB’s proposal before granting permission,” an ERD official said.

ADB’s move mirrors IFC’s earlier efforts to deepen Bangladesh’s local bond market and promote sustainable long-term financing for public and private growth.