Dhaka -- The Asian Development Bank (ADB) has agreed to provide $3 million to Bangladesh Wednesday to improve its governance practices in the capital market and insurance sector.

The project will strengthen the governance, regulation and supervision of the capital market and boost the regulators' capacity. It will also support government-led reforms being pursued in the insurance sector, including a revamp of the insurance legislation and the establishment of a new regulatory authority based on international best practices said a press release from ADB.

ADB, based in Manila, capital of the Philippines, is dedicated to reducing poverty in the Asia-Pacific region through pro-poor sustainable economic growth, social development and good governance.