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China-led AIIB approves $60 mln to finance Bangladesh gas project

The Beijing-based Asian Infrastructure Investment Bank (AIIB) will provide Bangladesh loans worth $60 million to address the country`s gas supply deficit, the AIIB said on Tuesday.

The fund will be used to help Bangladesh`s Natural Gas Infrastructure and Efficiency Improvement Project, as the lack of gas supply would "eventually impact Bangladesh`s energy security and constrain the nation`s economic growth", the AIIB said in a press release.

The project is co-financed by the Asian Development Bank (ADB), which approved a $167 million loan in November to boost Bangladesh`s natural gas production and expand transmission infrastructure.

The AIIB said on Tuesday it had also approved loans of $125 million and $100 million for Indonesia`s dam improvement project and a regional infrastructure development fund project, respectively, following prior announcements from co-financing partner World Bank to match the funding.

"Currently available financing instruments in Indonesia are limited and ill-fit for the nature and scale of the required urban and local municipal infrastructure investment," the AIIB said.

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