Saturday, November 25, 2017

ADB approves $526 million for infrastructure projects in Bangladesh

  • News Desk,
    Published: 2017-07-18 15:03:15 BdST

The Mayor Mohammad Hanif Flyover in Dhaka is a public-private partnership initiative. File photo

The Asian Development Bank or ADB has approved $526 million in loans for Bangladesh to help boost infrastructure investment.

The multilateral lender said the funds will be used in financing public-private partnership or PPP projects and renewable energy plants.

"The assistance consists of a $500 million market-based loan to finance medium and large-scale PPP infrastructure projects, and a $26 million concessional loan to finance small and medium-sized renewable energy and energy efficiency facilities, primarily in the rural areas of the country," the ADB said in a statement on Tuesday.
A further $750,000 technical assistance has been also approved for capacity building of the state-owned financial institution Infrastructure Development Company Limited or IDCOL.
“Infrastructure development is an integral part of Bangladesh’s rapid economic growth, but it is undeniable that in order to sustain this growth, the country would need an increased investment in infrastructure that can be filled in by the private sector,” said ADB Principal Financial Sector Specialist Peter Marro.