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Add to Preferred SourcesAsian Infrastructure Investment Bank (AIIB) President Jin Liqun has approved a loan of USD120 million for a project that will upgrade and expand the power transmission system in the Chittagong region of Bangladesh, home to more than 4 million people.
The Bangladesh Power System Upgrade and Expansion Project marks the first AIIB financing approved under the Bank’s Accountability Framework. This framework, which came into effect on Jan. 1, 2019, delegates authority to the President to approve those projects that meet the predetermined criteria agreed with the Board.
The project will construct and upgrade more than 46 km of double-circuit transmission lines and associated substations and line bays. The project will also improve voltage stability and reduce voltage fluctuations and the need to spread the demand for electrical power, allowing more residences and businesses to connect to the regional grid.
The Bangladesh Power System Upgrade and Expansion Project is one of four energy projects in Bangladesh that have received funding from AIIB. All four projects are aligned with the Government of Bangladesh’s target to achieve affordable electricity for all by 2021. This approach will enhance distribution capacity, increase the number of rural and urban electricity consumers, improve efficiency in gas production, expand gas transmission pipeline capacity and increase power generation capabilities in Bangladesh.
Original source: AIIB
Published on 28 March 2019