IsDB lends $241.3m for Infrastructure in Bangladesh
Staff Reporter :
The Islamic Development Bank (IsDB) has agreed to provide a loan of US$241.30 million to Bangladesh for the construction of five climate-resilient bridges in the Mymensingh Division.
The financing agreement was signed on Wednesday during the IsDB Group’s Annual Meeting in Algiers, Algeria. The agreement was executed between the Government of Bangladesh (GoB) and the IsDB, with Md Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD) under the Ministry of Finance, and Dr Rami Ahmad, Vice President of IsDB, signing on behalf of their respective parties.
Also present at the signing ceremony were Mohammad Hasan Arif, Alternate Governor of Bangladesh to the IsDB; Rashed Ahmed, Chargé d’Affaires of the Bangladesh Embassy in Algiers; and Dr Muhammad Sulaiman Al Jasser, Chairman of the IsDB, according to a press release issued by the ERD.
The project, to be implemented by the Roads and Highways Department under the Road Transport and Highways Division, aims to enhance communication links in remote areas of Mymensingh Division.
Specifically, the bridges will improve connectivity along the Sunamganj-Jamalpur border road and the Shyamganj-Durgapur border road.
The construction of these climate-resilient bridges is expected to support the socioeconomic upliftment of marginalised communities by improving transportation infrastructure, enhancing road safety, and facilitating access to education and economic opportunities.
It will also help reduce poverty and social inequality while strengthening resilience to climate change.
The ERD highlighted that the IsDB has been a longstanding multilateral development partner of Bangladesh, providing consistent support through project loans, grants, trade financing, private sector investment, and export credit guarantees.