Tue 28-02-2017 15:36 PM

Abu Dhabi Fund for Development studies progress on two Bangladesh projects

ABU DHABI, 28th February, 2017 (WAM) -- A delegation from the Abu Dhabi Fund for Development, ADFD, has reviewed the current status of its two funded projects in Bangladesh, the Sikalbaha Power Station and the South Asia Sub-regional Economic Cooperation Road Connectivity Project, SASEC.

After touring the power station, the delegation confirmed that 90 percent of works have been completed. In 2011, the Abu Dhabi Fund allocated a concessionary loan worth AED115 million to finance the project that aims to strengthen and stabilise the national grid, and meet Dhaka’s energy needs. The funding also contributed to the construction of new 225 megawatt generators.

With the construction works ahead of schedule, the power plant is expected to open by the end of 2017. Phase One, an open-cycle gas turbine generator, has already been completed and is capable of producing up to 150 megawatts of electricity.

The second leg of the trip comprised a visit to the SASEC Road Connectivity Project, for which the fund had allocated an AED110 million concessionary loan in 2013. Road developments and transportation infrastructure works have been underway since March 2016 and are now 22 percent complete. They said that all project work has been carried out in accordance with pre-set agreements and timelines between ADFD and the Bangladeshi government.

Re-affirming ADFD’s commitment to efficient, effective and timely project execution, Mohammed Saif Al Suwaidi, Director-General of ADFD, said, "The fund is keen on following up on all its projects. We engage in routine visits in order to uphold the agreed upon parameters and offer our continued support. I’m glad to report that both projects are moving along swiftly, expertly and with the utmost regard to operational efficiency."

ADFD and Bangladesh enjoy close ties dating back to 1976. Their constructive cooperation aims to achieve sustainable development goals in vital economic sectors that benefit the Bangladeshi population. Over the past four decades, ADFD has funded eight developmental projects in the country at a total value of AED692 million, covering key socio-economic sectors, such as transport, communications, agriculture, irrigation, electricity, water and mining.

ADFD also holds a 60 percent stake in the UAE-Bangladesh Investment Company Limited, UBICO. The fund utilises its majority share to help enhance living standards for the Bangladeshi community by allocating concessionary loans for small and medium-sized projects.