Bangladesh signed a loan agreement of $400 million as budget support with the Asian Infrastructure Investment Bank (AIIB) to implement the ‘Climate Resilient Inclusive Development Program- Subprogram1’.
Mirana Mahrukh, Additional Secretary at the Economic Relations Division and Rajat Misra, Acting Vice President at Public Sector Clients Department, Region 1 signed the loan agreement on 27 June on behalf of Bangladesh and the AIIB respectively, reads a finance ministry release on Monday.
The finance division has undertaken the programme that focuses on creating an enabling environment for implementing climate priorities across ministries, facilitation of climate adaptation priorities and accelerating climate change mitigation actions.
The loan will be received in standard terms and conditions of AIIB.
The maturity period of the loan is 25 years including 5 years grace period.
The interest rate of the loan is Reference Rate Variable Spread and Front-End Fee is 0.25%.
