2020-05-20 23:11:47 BdST

AIIB approves $250m for BD to fight against COVID-19

The Asian Infrastructure Investment Bank (AIIB) has approved $250 million for extending cooperation to Bangladesh government’s utmost efforts for combating Covid-19.

“AIIB Board of Directors today approved the proposal for $250 million fund for Bangladesh to ensure health and safety of its citizens during the crisis situation,” AIIB Vice President, Investment Operations, DJ Pandian said in an online interview.

He said AIIB is providing the support to mitigate the social and economic impact of the COVID-19.

“Specifically, the programme will help the government to expand and strengthen its social safety net for the vulnerable groups as well as to support the affected industries including the export-oriented ones and small and medium-sized enterprises (SMEs),” he added.

He said Covid-19 positive cases have been detected in maximum countries all over the world causing global economic downturn as the World Health Organization (WHO) declared the worldwide outbreak of coronavirus (Covid-19) as a global pandemic.

Pandian, however, said government early measures will help Bangladesh cope with the changing situation as the country is on the right way to mitigate Covid-19 impact on economy.

The government has already declared a Tk 1.0 trillion stimulus package to face the economic impact due to COVID-19 while it is also readying plans for next three fiscals to this end.

The AIIB vice president said AIIB is planning for extending cooperation in more infrastructural projects in Bangladesh in a move to continue its contribution to the country’s development.

“AIIB is very optimistic about Bangladesh as its people are very active. Bangladesh has achieved a remarkable progress in every sector in last one decade,” he added.

He said once Bangladesh was considered a poverty-stricken country, but now it is attaining praises all over the world for making a ‘miracle’ in economic uplift.

Pandian said the multi-donor bank is thinking of funding in more projects, including water supply and upgrading highways to four-lane.

The AIIB has investments in eight top priority development projects with total $1.068 billion funding commitment in Bangladesh.

Unauthorized use or reproduction of The Finance Today content for commercial purposes is strictly prohibited.

Popular Article from Bank