The Asian Infrastructure Investment Bank (AIIB) will invest $4.5 billion dollars in various projects in Bangladesh in the next 5 years.
This information was disclosed at the 8th annual meeting of the Board of Directors of AIIB held on September 25 and 26 in Sharm El Sheikh of Egypt. This year's annual meeting focuses on climate finance and bridging the gap between public and private investment.
AIIB’s investment in Bangladesh began in 2016 through a $165 million project in the power sector, the Finance Minister's office said on Tuesday. In the first 3 years, AIIB's funding was $445 million against 4 projects, which is currently $3.27 billion against 18 projects.
The Finance Minister’s office also informed that Bangladesh has $4.50 billion in AIIB financing pipeline for the next 5 years, which will be able to play an important role in bridging the gap between financing and public and private investment to combat the climate problem in Bangladesh in the next 5 years.
A delegation led by Sharifa Khan, secretary of the Economic Relations Division (ERD) participated in the meeting of AIIB on behalf of Bangladesh. Sharifa Khan called for more funding for building climate resilient infrastructure in the meeting.
Sharifa Khan said that the global community, developed and developing countries are facing huge challenges at this moment due to Russia-Ukraine war, climate change, global warming and so on. Building climate resilient infrastructure is especially important these days, she added.
She said that developing countries like Bangladesh are most at risk of being affected by climate change. Therefore, the role of the AIIB is very important for the major economies of the world to have a fair share of the developing countries in order to avoid climate change and the impending crisis.
At the meeting, AIIB President and Board Chairman Jin Liqun expressed the hope that members will work together in efforts to combat climate change. He said that AIIB will stand by its members to face the upcoming climate challenges.
“We must work together to rapidly reduce greenhouse gas emissions and build stronger resilience to climate extremes,” he added.