Abu Dhabi Fund for Development finances Dh692 million projects in Bangladesh

The UAE group seeks to expand cooperation with Bangladesh

The Abu Dhabi Fund for Development has financed developmental projects amounting to Dh692 million in Bangladesh.

Abu Dhabi: The Abu Dhabi Fund for Development has financed developmental projects amounting to Dh692 million in Bangladesh, as part of the ADFD’s close ties with the Government of Bangladesh over the last 40 years.

On the occasion of the country’s Independence Day, Saif Al Suwaidi, ADFD director general greeted the people of Bangladesh, and said that the cooperation between ADFD and Bangladesh represents a model of strategic relations that the ADFD looks to build with all partner countries.

Supporting businesses
The ADFD holds a 60 per cent stake in the UAE-Bangladesh Investment Company Limited (UBICO), which aims to support the people of Bangladesh by providing loans at concessionary interest rates for small and medium-sized projects.

“Through financing development projects, besides other investments in Bangladesh, we seek to meaningfully contribute to the country’s economy that will be reflected in the advancement of its population and achievement of the nation’s sustainable development targets,” he said.

Al Suwaidi also expressed the ADFD’s keenness to expand the strategic cooperation with Bangladesh, a key partner country since 1976. Bangladesh has one of the highest population densities in the world, yet its per capita GDP has more than doubled since 1975.

ADFD projects in Bangladesh
Shikalbaha Power Station: The ADFD funded the expansion and modernisation of the Shikalbaha Power Station to strengthen and stabilise the national grid and meet the energy needs of the Dhaka Metropolitan Area, a major hub of commerce and industry in Bangladesh. The funding covered the construction of new 225-megawatt generators.

South Asia Subregional Economic Cooperation (SASEC) Road Connectivity: The ADFD provided an Dh110 million financing in 2013 for the SASEC Road Connectivity Project, which links Bangladesh with Nepal, Bhutan and north-eastern parts of India. The road meets the increasing volume of trade and facilitates the flow of imports and exports. It enhanced the status of Bangladesh as a transit hub in the region. Furthermore, the project improved two land ports at Benapole and Burimari.

Chittagong urea fertilizer factory: The Dh85 million project supported two sectors, industry and agriculture, and established an integrated plant for ammonia and urea in the city of Chittagong. The factory has a production capacity of 1,000 tonnes of ammonia, which generates about 1,700 tonnes of urea.

Teesta Dam: The ADFD provided financing of Dh54 million for the construction of the dam, which channels water from the Dinajpur Canal and adjacent branched canals. The project facilitated the construction of the Boaqra Canal Bridge, led to the irrigation of more than 48,000 hectares of agricultural land and benefiting more than 68,000 people in the region.

Electricity project: The ADFD financed a 151-kilometre power line linking the city of Tongi in the eastern region and the city of Ishwardi in the western region. The project supported the areas’ power needs and underpinned the overall electricity sector in Bangladesh. The productive capacity of the network is 200 megawatts.

Textile machinery plant: The ADFD financed the plant to stimulate investment in the industrial sector and boost economic development in Bangladesh. The project included procurement of high-standard equipment and components.

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