ADB to give $110m for infrastructure projects

The Asian Development Bank (ADB) and the government of Bangladesh on Sunday signed an agreement for US$110 million in loans to support the country’s private sector infrastructure projects including  renewable energy. The assistance will support the Second Public-Private Infrastructure Development Facility established under the state-owned Infrastructure Development Company Ltd. (IDCOL). The World Bank and the Japan International Cooperation Agency (JICA) will co-finance the project with $99.5 million and $96 million respectively. Private sector investors will also contribute $50 million as equity financing, and debt funding. Economic Relations Division (ERD) Secretary Mohammad Mejbahuddin and Oleg Tonkonojenkov, Deputy Country Director and Officer-in-Charge of ADB’s Bangladesh Resident Mission, signed the agreement on behalf of Bangladesh and ADB respectively at a ceremony at the ERD in city’s Sher-e-Bangla Nagar, according to a news agency.