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AIIB helps Bangladesh reach energy targets with up to $274 in Investments

Members of the Asian Infrastructure Investment Bank’s (AIIB) board of directors visited Dhamrai to meet with beneficiaries of AIIB’s investment in the distribution system upgrade and expansion project.

The 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 directly benefiting from the project. Remaining work on the project is expected to be completed in 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.

“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,” AIIB Head of Communications and Development Laurel Ostfield told reporters on Monday.

“We look forward to continuing 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.”

The Bhola IPP project is one example of how AIIB is mobilizing funds for vital energy infrastructure in Bangladesh. AIIB is also considering investing in liquefied natural gas infrastructure and utility-scale solar power projects.

 

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