AIIB provides $400mn loan to Bangladesh

The funds are to be spent towards climate change programme implementation

The government has signed a $400 million loan agreement with the Asian Infrastructure Investment Bank (AIIB).

The money will be used as budget support for the implementation of the Climate-Resilient Inclusive Development Program (Subprogram 2) under the finance ministry.

This programme works to implement policy reforms to combat climate change.

An Economic Relations Division (ERD) media statement said the loan agreement was signed by Additional Secretary Mirana Mahrukh on behalf of the government and Rajat Misra on behalf of AIIB on Monday.

Rajat currently serves as the acting chief investment officer for AIIB’s Public Sector (Region 1) and Financial Institutions & Funds (Global) clients.

He is also the director general of the Public Sector Clients Department, Region 1.

The statement mentioned the main objectives of this programme are, creating an enabling environment for implementing climate priorities in various government ministries, implementing adaptation initiatives, and accelerating climate change mitigation activities.