ADFD celebrates forty years of supporting Bangladesh by reaching half a billion dirhams project support milestone

ABU DHABI, April 4, 2016 (WAM) -- Abu Dhabi Fund for Development, ADFD, has financed seven development projects in Bangladesh with a total project outlay of nearly half a billion dirhams over the past four decades, with the majority of these projects serving strategically important sectors including industry, energy and infrastructure. Energy and irrigation projects account for about 65% of the total development assistance provided by ADFD to Bangladesh, supporting the government's efforts to boost the industrial sector in line with the economic diversification strategy, which has seen the country grow by over 6% in each of the last ten years alone, pursued by the South Asian developing nation. Mohammed Saif Al Suwaidi, ADFD’s Director-General, said, "ADFD’s development engagement with Bangladesh dates back to 1976 and we enjoy close ties with Bangladesh, with both of our countries having been founded in the same year. Since then, Bangladesh has remained one of the top beneficiaries of our concessionary loans and grant programs, playing a vital role in promoting the economic and social development of the country and it has been powerful to see their government’s strong economic diversification leadership bear fruit in this time." He added, "The projects implemented by ADFD in Bangladesh articulate the Fund’s vision to support development projects that translate into huge social and economic impact on developing countries which is why we have focused so much on infrastructure which is the key to long-term growth and prosperity. Over the past four decades, ADFD has developed a strategic partnership with Bangladesh, supporting the country in achieving its sustainable and economic development objectives and we look forward to many more years of close cooperation in the future’ One of the most prominent projects is the AED110 million South Asian Road Linking Project financed by ADFD in Bangladesh in 2013, to link roads in Bangladesh with international trade routes across the South Asia. Aimed at facilitating easy movements of goods and exports among land-locked countries including Nepal, Bhutan and North East regions India by linking them to seaports, the project seeks to increase the share of these countries in the regional and international trade. The project is currently under construction and is scheduled for completion by the end of next year. Moreover, ADFD also managed an AED30 million grant provided by the Government of the UAE to Bangladesh in 1984 to dig water wells and construct charity buildings. The project aimed to support the efforts of Bangladeshi Government to bolster economic and social development, and improve the standard of living for its population. Sheikh Baha Power Station Upgrade Project is another strategic project ADFD has financed in Bangladesh in 2011. Aimed at supporting the electricity sector and enhancing the stability of the national grid, the project aims to meet the electricity demand of the Dhaka Metropolitan Area, a major hub for industry, commerce, services and business activities in Bangladesh. The AED115 million Sheikh Baha power project involves the installation of new power generation units with a total capacity of 225 MW. Utilising natural gas as primary fuel and heavy oil as backup fuel, the new units include two 75 MW gas turbines and two 75MW steam turbines. 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 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, which involved 230 kV dual transmission lines connecting the town of Tongi in the eastern region and the city of Ishwardi in the western region. The AED60 million project has a total capacity of 200 MW that can be increased to 500 MW based on demand. Also, the construction of AED85 million Chittagong Urea Fertiliser Factory was fully financed by ADFD in 1982. Aimed at supporting the industrial and agricultural sectors in Bangladesh, the integrated ammonia and urea plant has a capacity to produce 1,000 tons ammonia and 1,700 tons of urea. In 1976, ADFD financed an AED38 million machinery plant project to support the industrial sector in Bangladesh. The funding covered the procurement and installation of new equipment, provision of project graphs and drawings along with the consultation and training for operators. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395293654509.html