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AIIB pledges $4.5 billion to Bangladesh for climate projects and other sectors

Published Sep 26, 2023 03:48PM ET
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The Asian Infrastructure Investment Bank (AIIB), led by China, has pledged to provide Bangladesh with a $4.5 billion loan over the next five years, as stated by the finance ministry of Bangladesh on Tuesday. The funding will be allocated to climate-related projects and other sectors within the country. This announcement follows the conclusion of the AIIB's annual general meeting held in Egypt.

During the meeting, Bangladesh urged the AIIB to ease the loan conditions. Since 2016, the Asian lender has granted a total of $3.27 billion for 18 projects in Bangladesh, starting with a $165 million funding for power sector development.

On Monday, during the 8th annual meeting of AIIB's Board of Governors, Finance Secretary Benjamin Diokno called on the bank to offer more financing programs with improved terms to aid member countries in responding to ongoing economic challenges. Diokno encouraged the bank to increase its grant facilities to assist in program implementation and enhance its terms' concessionality.

While acknowledging the rebounding economic growth, Diokno warned of threats posed by persistent effects of the Covid-19 pandemic, geopolitical tensions, severe weather events, humanitarian crises, fiscal instability, and high inflation. He emphasized that multilateral development banks should scale up and reform their responses to these global challenges.

Diokno also recognized AIIB's efforts in aiding its members through its crisis recovery facility during the pandemic. This includes setting up emergency healthcare systems, maintaining essential infrastructure investments, and supporting post-pandemic recovery initiatives. The Philippines has reportedly received loan commitments totaling $3.4 billion from AIIB for programs and projects related to pandemic response and subsequent recovery.

The AIIB, established in 2016 and headquartered in Beijing, is a multinational development bank primarily aimed at advancing Asia's development.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

AIIB pledges $4.5 billion to Bangladesh for climate projects and other sectors
 

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