Dhaka, Sep 3, 2018 (BSS) – The 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 spokespersons Laurel Ostfield told BSS here today.
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.