EIB to provide €350 million loan for Bangladesh’s renewable energy projects

The European Investment Bank (EIB), the European Union’s (EU) main lending arm, has approved a €350 million framework loan for the implementation of renewable energy projects in Bangladesh.

This loan will be complemented by an additional €45 million grant from the European Union (EU).

The projects aim to support Bangladesh's sustainable development through environmental protection, climate change risk reduction and adaptation, said a Finance Ministry handout on Monday (May 5), reports UNB.

The ministry said Bangladesh is strengthening its development cooperation through high-level bilateral meetings with key international financial partners, held as part of the 58th Annual Meeting of the Asian Development Bank (ADB).

On Sunday, (May 4), Bangladesh's Finance Adviser Dr Salehuddin Ahmed held a bilateral meeting with the President of the European Investment Bank (EIB), Nadia Calviño.

The meeting focused on expanding EIB's ongoing support and investments in new projects.

The EIB has been working with Bangladesh under a framework agreement since 2000.

To date, the EIB has invested approximately €635 million in a total of six ongoing projects in the health, water supply, transport, and communication sectors.

While the EIB's primary focus is on EU member states, the institution plays a significant role in implementing the EU's development cooperation in over 160 countries and regions worldwide.

Its priority areas include climate, environment, infrastructure, SMEs, innovation and skill development.

In a significant development, the Ministry of Finance announced that the EIB has approved a €350 million framework loan for the implementation of renewable energy projects in Bangladesh.