AIIB to provide $250mn to Bangladesh

MG News | December 08, 2022 at 01:39 PM GMT+05:00

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December 08, 2022 (MLN): The Asian Infrastructure Investment Bank (AIIB) on Wednesday signed an agreement with Bangladesh to provide $250 million for improving inclusiveness and responsiveness of social development.

Sharifa Khan, secretary of Bangladesh's Economic Relations Division (ERD), and Urjit R Patel, vice-president of Investment Operations (Region 1) at the AIIB, signed the deal in Dhaka on behalf of their respective sides.

“The loan will be given as budgetary support under the Strengthening Social Resilience Program”, as APP reported.

The main purpose of this program is to improve the inclusiveness and responsiveness of social development in Bangladesh, including strengthening responses to lifecycle social and health needs, and enhancing the coverage and efficiency of social protection, improving the financial inclusion of disadvantaged people.

This loan has a repayment period of 26.5 years, including a grace period of three years.

Earlier, to combat the COVID-19 pandemic, and strengthen the post-COVID economy Bangladesh had received $800mn from the AIIB as budget support in the last three financial years.

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