Sat 06-05-2017 13:41 PM
ABU DHABI, 6th May, 2017 (WAM) -- Abu Dhabi Fund for Development, ADFD, has financed AED700 million worth of development projects in Bangladesh.
In a report, the Fund said that it has provided the Bangladeshi government with grants and concessionary loans to fund nine development projects. These projects covered several sectors including industry, energy, and infrastructure.
Mohammed Saif Al Suwaidi, Director General of ADFD stressed Fund's keenness to support the Bangladeshi government in its efforts to promote development through financing projects that support infrastructure development, a pre-requisite for growth and social prosperity.
He said that ADFD’s development activities in Bangladesh articulated its crucial role in supporting economic and social development across developing countries.
Al Suwaidi also highlighted that the projects implemented by ADFD in Bangladesh are aligned with its vision to work closely with developing countries to achieve their development goals.
In addition, ADFD holds a 60 percent stake in the UAE-Bangladesh Investment Company Limited, UBICO, which was established in 1987. The company aims to support the economic and social development of Bangladesh through providing concessionary loans to bolster sustainable projects thus alleviating livings standards and creating job opportunities.
In 2013, ADFD allocated AED110 million to support the development of South Asia Road Connectivity Project, SASEC. Road developments and transportation infrastructure works have been underway since March 2016 and are now 22 percent complete. Scheduled for completion end of this year, the project aims to link Bangladesh with several land-locked countries such as Nepal, Bhutan and north-eastern parts of India. The road will meet the increasing volume of trade while facilitating easy movement of mechanise.
Sikalbaha Power Station is another strategic project ADFD has financed in Bangladesh. ADFD funded the expansion and modernisation of the power station to strengthen and stabilise the national grid and meet the electricity demand of the Dhaka Metropolitan Area, a major hub for industry, commerce, services and business activities in Bangladesh.
90 percent of the AED115 million project has already completed. The funding covered the installation of new 225 megawatt generators which run on natural gas as primary fuel and heavy fuel as backup fuel. It also includes two gas turbines with capacity to produce 75 megawatt electricity, a steam generator, and a 75-megawatt steam turbine.
Phase One, an open-cycle gas turbine generator, has already been completed and can produce up to 150 megawatts of electricity. The bi-fuel generators will be ready in October 2017 and the power plant is set to become operational by end-2017.
ADFD also financed the development of AED85 million Chittagong Urea Fertiliser Factory in 1982 to support the industrial and agricultural sectors in Bangladesh. The project involved the establishment of an integrated plant with the capacity to produce 1,000 tonnes of for Ammonia which in-turn generates about 1,700 tonnes of Urea in the city of Chittagong.
In the water sector, ADFD allocated AED54 million in concessionary loans to finance the construction of Teesta dam project in 1994. The project involved the construction the 44-kilometer main river channel and its tributaries in Dinajpur and Bogra Canal Bridge, allowing for the irrigation of more than 48,000 hectares of land and benefitting more than 68,000 people.
In 1978, ADFD supported a grid linking project, connecting the town of Tongi in the eastern region and the city of Ishwardi in the western region. The project involved the installation of 94-mile dual transmission lines to meet the region’s power needs and support the country’s electricity sector. The project has a total capacity of 200 MW.
In 1976, ADFD financed the development of a machinery plant to support the industrial sector in Bangladesh. The funding covered the procurement and installation of new equipment that meet the highest technical standards.