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ADB to give Bangladesh $167 million loan to improve gas production efficiency
The Asian Development Bank (ADB) has approved a $167 million loan for Bangladesh to improve gas production efficiency.
Published : 21 Nov 2016, 04:45 PM
Updated : 21 Nov 2016, 05:41 PM
The ADB said in statement on Monday that the Asian Infrastructure Investment Bank (AIIB) is expected to lend an additional $60 million, which is subject to board approval and will be managed by ADB.
It is the second project to be co-financed by ADB and AIIB.
The ADB said the fund will be used to install wellhead gas compressors to increase pumping pressure and ensure steady extraction at the Titas gas field.
The project will also boost gas transmission by building 181 kilometers of transmission pipeline from Chittagong to Bakhrabad southeast of Dhaka.
The statement quoted ADB South Asia's Finance Specialist (Energy) Hongwei Zhang saying, “By addressing gas supply constraints and transmission bottlenecks, the project will increase the energy sector’s contribution to sustainable economic growth in Bangladesh.”
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