ADB to provide $260m for infrastructure development in Bangladesh

The Asian Development Bank (ADB) is set to provide a fund of $260 million for the infrastructural development in Bangladesh, particularly by financing the public-private partnership (PPP) projects as well as renewable energy interventions. "The fund will be provided for long-term debt financing and to catalyse private sector’s participation through the implementing agency Infrastructure Development Company Limited (IDCOL)," an Economic Relation Division (ERD) official said. "A loan agreement in this regard is scheduled to be signed on November 19 at NEC-II Conference Room at the ERD headquarters in Dhaka’s Sher-e-Bangla Nagar area," the official added. ERD Secretary Kazi Shofiqul Azam and ADB Country Director for Bangladesh Resident Mission Manmohan Parkash is slated to sign the agreement on behalf of their respective organisations. After successful implementation of earlier phases, the project titled "Third Public-Private Infrastructure Development Facility-Tranche 1" will serve to catalyse commercial financing for PPP projects. The objective of the project is to help provide the rural population and small to medium enterprises with clean and affordable electricity.