Abu Dhabi Fund for Development (ADFD) has enabled development in Bangladesh through financing major projects amounting to $188.4 million.
The initiatives covered sectors such as agriculture, energy, industry, transport and water. In addition, ADFD owns a 60 percent stake in the UAE-Bangladesh Investment Company Limited (UBICO). The company aims to support Bangladesh by offering low-interest loans for small and medium-sized projects, thus contributing to the economy and creating jobs.
“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.”
An overview of ADFD projects in Bangladesh;
Shikalbaha Power Station
ADFD funded the expansion and modernization of the Shikalbaha Power Station to strengthen and stabilize 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 Sub-regional Economic Cooperation (SASEC) Road Connectivity
ADFD provided a $30 million financing in 2013 for the SASEC Road Connectivity Project, which links Bangladesh with Nepal, Bhutan and the northeastern parts of India. The road meets the increasing volume of trade and facilitates the flow of imports and exports. It enhanced the status of Bangladesh as a transit hub in the region. Furthermore, the project improved two land ports at Benapole and Burimari.
Chittagong urea fertilizer factory
The $23 million projects supported two sectors, industry and agriculture, and established an integrated plant for ammonia and urea in the city of Chittagong. The factory has a production capacity of 1,000 tons of ammonia, which generates about 1,700 tons of urea.
ADFD provided financing of $14.7 million for the construction of the dam, which channels water from the Dinajpur Canal and adjacent branched canals. The project facilitated the construction of the Boaqra Canal Bridge, led to the irrigation of more than 48,000 hectares of agricultural land and benefited more than 68,000 people in the region.
ADFD financed a 151-kilometer power line linking the city of Tongi in the eastern region and the city of Ishwardi in the western region. The project supported the areas’ power needs and underpinned the overall electricity sector in Bangladesh. The productive capacity of the network is 200 MW.
Textile machinery plant
ADFD financed the plant to stimulate investment in the industrial sector and boost economic development in Bangladesh. The project included the procurement of high-standard equipment and components.