Asian Infrastructure Investment Bank (AIIB) is interested to invest in the country’s water management and communication projects aimed at turning Bangladesh as a developed nation in the global arena.
“We want to expand our investment in Bangladesh. We are looking forward to invest in municipal water supply and communication sector development,” AIIB spokesperson Laurel Ostfield said while metting with reporters in the last month.
Members of AIIB Board of Directors and its spokespersons Laurel Ostfield visited Savar to meet beneficiaries of AIIB’s investment in the Distribution System Upgrade and Expansion Project.
They reviewed updates at the project site and exchanged views with the community members in that area.
Laurel Ostfield said: “Our Board is here to learn more about the local investment climate and what Bangladesh needs to maintain economic growth and reach its full potential”.
Ostfield went on saying: “We look forward to continue to work with the government of Bangladesh and other partners to develop solutions that will address the infrastructure gap and improve the livelihood of millions”.
Distribution System Upgrade and Expansion Project is part of a national plan to provide about 2.5 million service connections to rural consumers, upgrade two grid substations and convert 85 kilometers of overhead distribution lines to underground cables.
The installation of the 2.5 million service connections is now complete and approximately 12.5 million Bangladeshis are getting directly benefits from the project. Remaining work of the project is expected to be completed by 2019.
This is one of three energy projects approved by AIIB’s Board of Directors, totaling up to US$ 274 million in funding.
These projects are aligned with fueling continued economic growth in Bangladesh and with the government’s ambitious target to achieve affordable electricity for all by 2021.
They are also aligned with the country’s need for US$ 40 billion in investments in generation, transmission and distribution by 2030 to address current needs and constraints.
During the visit, the team is scheduled to meet the state minister for power as well as businessmen, key development partners and representatives of the civil society.
The delegation is not only visiting its own-funded projects in Bangladesh, but also visiting development projects funded by other development partners to assess the development work in Bangladesh. The AIIB delegation will also meet leaders of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Bangladesh Garments Manufacturers and Exporters Association (BGMEA).
The Asian Infrastructure Investment Bank (AIIB) is a 21st century, multilateral development bank focused on investing in low-carbon, sustainable infrastructure as the means to drive the social and economic development of Asia.
Built upon transparent multilateral governance with 87 approved members across the world, and guided by its core values of Lean, Clean and Green, AIIB aims to create a better future for billions of people by investing in sustainable infrastructure in Asia and beyond.
The AIIB has so far confirmed funding for two more power and energy sector development projects in Bangladesh. The projects are Bangladesh Bhola IPP and Natural Gas Infrastructure and Efficiency Improvement Project.
- ‘Within the next 10 years, Bangladesh might become cashless’ - October 12, 2022
- ‘Nagad is a success because it solves the financial pain points of mass people’ - October 10, 2022
- Bangladesh’s economic crisis: A pall of gloom or shining lights ahead? - October 2, 2022