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The Asian Infrastructure Investment Bank (AIIB) and the Government of Bangladesh have signed a USD200-million on-lending facility to Infrastructure Development Co. Ltd (IDCOL) to finance infrastructure projects in Bangladesh, marking AIIB’s first investment through a financial institution into infrastructure in the country.

IDCOL is a government-owned nonbanking financial institution established for infrastructure financing in Bangladesh. AIIB’s investment will provide IDCOL with financing that it will further onlend to private companies to support infrastructure projects.

The large infrastructure deficit in Bangladesh is one of the most critical development challenges facing the country.

Bangladesh’s Perspective Plan 2041 highlights the need for an annual investment of USD10 billion in infrastructure over the next two decades. Despite the impressive development achievements, Bangladesh faces several development challenges that were exacerbated by the COVID-19 pandemic.

The project will support Bangladesh’s goal to bridge its infrastructure deficit and achieve sustainable growth, as highlighted by the government’s both short-term and long-term plans.

The project will make long-term financing available for infrastructure subprojects in power generation, renewable and low-carbon electricity, information and communications technology infrastructure, cross-regional transportation and others, thereby enhancing economic activity and creating employment opportunities.

“By providing long-term financing to the private sector in Bangladesh, AIIB will promote infrastructure investment, help alleviate the funding constraints faced by private sponsors, and help mobilize private capital by attracting additional financing,” said AIIB Vice President, Investment Operations (Region 1) Urjit R. Patel.

“This project also aligns with AIIB’s thematic priority to finance green infrastructure. Aside from further strengthening the partnership between AIIB and Bangladesh to promote sustainable infrastructure development, this will also help facilitate the country’s economic and financial recovery amid the pandemic.”

As of today, AIIB has approved 15 projects amounting to over USD2.8 billion in Bangladesh, in which more than half of the projects are focusing on energy, transport and water sector.

Two persons died when a truck met an accident at Narchyang, Annapurna Rural Municipality-4 of Myagdi district on Tuesday.

The deceased have been identified as Khum Bahadur Ramjali (43) of Doba, Annapurna Rural Municipality-1, Myagdi and Santa Bahadur Titung (34) of Gogani-4, Makwanpur.

Ramjali is the vehicle owner and Titung is the driver, police said.

According to Inspector Rajan Dhakal of the District Police Office, Myagdi, the incident occurred when the truck (Ga 2 Kha 658) was returning after onloading the cement at the Nilgirikhola Hydropower Project last night.

Critically injured in the accident, the duo were rushed to the Beni Hospital but doctors pronounced them dead on arrival.

Police said that the truck fell some 60 meters down the road.

Further investigation into the incident is underway.

The government decision to give a two-day weekend-Saturday and Sunday- from May 15 has been published in the Nepal gazette.

With this, the office hours will be fixed from 9:30 am to 5: 30 pm from Monday to Friday.

In the Nepal gazette published on Monday, the office hours will be from 9: 30 am to 5: 30 pm from November 2 to January 29.