AIIB okays $250m in budget support
The China-headquartered multinational lender earlier invested $2.79 billion in Bangladesh
China-headquartered multinational lender Asian Infrastructure Investment Bank, widely known as AIIB, has granted a loan of $250 million for Bangladesh as its budget support to implement the Strengthening Social Resilience Programme.
AIIB Vice-President for Investment Operations Region-1 Urjit R Patel and Economic Relations Division Secretary Sharifa Khan inked the agreement on behalf of their respective sides on Wednesday, said a press release.
The loan taken for the Finance Division programme is subject to be repaid within 26.5 years, including three years of grace period, it reads, adding that the Strengthening Social Resilience Programme aims to improve the inclusiveness and responsiveness of social development in Bangladesh.
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Established in 2016, the AIIB earlier provided Bangladesh with $2.79 billion in loans, including $800 million to combat the Covid-19 pandemic.
