Beijing, February 26, 2018
AIIB Invests to Help Bangladesh Address Power Shortages
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of up to USD60 million for a project that will increase power generation capacity in Bangladesh and help the country respond to power shortages.
The approved debt financing will support the development of Bangladesh Bhola IPP, a greenfield 220-megawatt combined cycle power plant in Bhola island in the Barisal district of Bangladesh. Once complete, the project will increase power generation by around 1,300 gigawatt hours annually.
"Bangladesh’s acute power shortages are impacting its economic growth and its effort to reduce poverty,” said AIIB Vice President and Chief Investment Officer, D. J. Pandian. “This investment will help Bangladesh increase its power supply to support industries that are vital to growth, and will help reduce the number of individuals who currently live without electricity."
Bangladesh Bhola IPP is one of three energy projects in Bangladesh that have received funding from AIIB. All three projects are aligned with the Government of Bangladesh’s target to achieve affordable electricity for all by 2021. This approach will enhance distribution capacity, increase the number of rural and urban electricity consumers, improve efficiency in gas production, expand gas transmission pipeline capacity and increase power generation capabilities in Bangladesh.
"We’re investing in this project because it will be one of the most efficient power plants delivering low-cost power in Bangladesh," said AIIB Director General, Dong ik Lee. "This investment will also help mobilize private capital and provide critical long-term financing that is not readily available in Bangladesh for vital infrastructure projects."
The Bangladesh Bhola IPP project marks the first project AIIB has financed alongside the Islamic Development Bank and Infrastructure Development Company Limited. The project will be developed by Shapoorji Pallonji Infrastructure Capital Company Private Limited through Nutan Bidyut (Bangladesh) Limited, a special-purpose vehicle incorporated in Bangladesh for the sole purpose of developing the project.
Additional information and the project’s Environmental and Social Management Plan can be found at https://www.aiib.org/en/projects/approved/2018/bangladesh-bhola-ipp.html.
AIIB is a multilateral development bank founded to bring countries together to address Asia’s daunting infrastructure needs. Headquartered in Beijing, AIIB began operations in January 2016 and has now grown to 84 approved members worldwide. Its mission is to improve economic and social development in Asia by investing in high-quality, financially viable and environmentally friendly infrastructure projects.
Beijing, May 10, 2018
AIIB Launches Public Consultation on Draft Transport Strategy
The Asian Infrastructure Investment Bank (AIIB) has launched public consultations on its Draft Transport Sector Strategy. The draft strategy outlines AIIB’s vision to develop sustainable and integrated transport systems that promote trade and economic growth in Asia.READ MORE
Beijing, May 02, 2018
AIIB Approves Membership of Papua New Guinea and Kenya
The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has adopted resolutions approving two applicants to join the Bank, bringing AIIB’s total approved membership to 86. This round of approved applicants includes one regional and one nonregional prospective members.READ MORE
Washington, April 19, 2018
Asian Infrastructure Investment Bank and African Development Bank sign MoU to promote cooperation
A Memorandum of Understanding to enhance collaboration on sustainable economic development was signed on April 18 by the Asian Infrastructure Investment Bank and the African Development Bank and formalized during the World Bank-International Monetary Fund Spring Meetings in Washington, DC.READ MORE