The ADFD holds a 60 per cent stake in the UAE-Bangladesh Investment Company Limited (UBICO), which aims to support the people of Bangladesh by providing loans at concessionary interest rates for small and medium-sized projects.
“Through financing development projects, besides other investments in Bangladesh, we seek to meaningfully contribute to the country’s economy that will be reflected in the advancement of its population and achievement of the nation’s sustainable development targets,” he said.
Al Suwaidi also expressed the ADFD’s keenness to expand the strategic cooperation with Bangladesh, a key partner country since 1976. Bangladesh has one of the highest population densities in the world, yet its per capita GDP has more than doubled since 1975.
Shikalbaha Power Station: The ADFD funded the expansion and modernisation of the Shikalbaha Power Station to strengthen and stabilise the national grid and meet the energy needs of the Dhaka Metropolitan Area, a major hub of commerce and industry in Bangladesh. The funding covered the construction of new 225-megawatt generators.
South Asia Subregional Economic Cooperation (SASEC) Road Connectivity: The ADFD provided an Dh110 million financing in 2013 for the SASEC Road Connectivity Project, which links Bangladesh with Nepal, Bhutan and north-eastern parts of India. The road meets the increasing volume of trade and facilitates the flow of imports and exports. It…