February 26, 2018 / 12:03 PM / 10 months ago

AIIB approves $285 million of loans to Bangladesh for power, energy

DHAKA, Feb 26 (Reuters) - Beijing-based Asian Infrastructure Investment Bank has approved $285 million in loans to Bangladesh for three power- and energy-related projects, a senior official of the AIIB said on Monday, and more are on the way.

“These projects will help Bangladesh government to achieve its targets to ensure affordable electricity for all by 2021,” said Laurel Ostfield, head of communications and development of the bank.

“There are more five proposals from the Bangladesh government that will require $885 million to implement,” she told reporters in a briefing about the development of the AIIB.

The bank’s lending rates are international-standard and less than any bilateral loan, Ostfield said. Projects must be commercially viable to qualify for loans.

“We always give priority only to quality projects, and there is no bureaucracy in approving and sanctioning loans, meaning our loan-backed projects can be implemented quickly,” she said.

AIIB is dedicated to develop infrastructure, especially energy, roads and communications, transport and few other projects in the region, Ostfield said.

China is the largest financier, followed by India and then Russia, she said. (Reporting By Serajul Quadir, editing by Larry King)

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