ADFD provides $191m funding for Bangladesh projects

The Abu Dhabi Fund for Development (ADFD) has allocated funds worth Dh700 million ($191 million) for key infrastructure development projects in Bangladesh, according to a report. The ADFD has provided the Bangladeshi government with grants and concessionary loans to fund nine development projects, reported state news agency Wam. These projects cover several key sectors including industry, energy, and infrastructure, it added. The ADFD's funding comes as part of its 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, said the report citing a senior official. "The fund’s development activities in Bangladesh articulated its crucial role in supporting economic and social development across developing countries," remarked Mohammed Saif Al Suwaidi, the director general of ADFD. 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, it added. In 2013, the Emirati Fund had provided Dh110 million towards development of South Asia Road Connectivity Project, Sasec. Road developments and transportation infrastructure works have been underway since March 2016 and are now 22 per cent complete. Scheduled for completion by year-end, 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,