The Asian Infrastructure Investment Bank (AIIB) plans to invest $270 million in a clean water infrastructure project.
The project aims to improve access to piped water and sanitation to municipalities with poor water quality.
The announcement was made on September 3 when members of the AIIB’s Board of Directors visited Savar to meet the beneficiaries of an ongoing energy infrastructure project.
“We are delighted that our investment has had a positive impact on the low income population of Bangladesh,” said AIIB Director Emil Levendoḡlu, reports bdnews24.com.
“We are considering investing in a clean water and sanitation project... We hope the investment for that project will be approximately $270 million,” the AIIB director said.
Levendoḡlu suggested the water project would be approved at a board meeting in December.
The AIIB has already invested up to $274 million in energy projects in Bangladesh.
The investment hopes to provide 2.5 million service connections for rural consumers, upgrade two grid substations and change 85km of overhead lines to underground cables. The project is to be completed by 2019.
Bangladesh needs to invest approximately $40 billion on electricity generation, transmission and distribution by 2030 to meet demands and overcome constraints, the AIIB said in a statement.
The AIIB is a multilateral development bank that “aims to improve social and economic outcomes in Asia and beyond”.
The Beijing-based bank began its operations in 2016 and has 87 approved members worldwide.
