Diplomatic Correspondent: The Islamic Development Bank (IsDB) will provide $56 million assistance to Bangladesh for financing the “Inclusive Sanitation and Hygiene Project in 10 (Ten) Priority Towns in Bangladesh” Project.
In this regard, a loan agreement has been signed yesterday between the government of Bangladesh and the IsDB.
Under the loan agreement, IsDB will provide $56 million, out of which $36.4 million is loan and $19.6 million is grant. Fatima Yasmin, Secretary, Economic Relations Division (ERD) signed the agreement, said a press release. The purpose of the loan is to improve lives and livelihoods of 1.4 million citizens of ten selected priority towns namely: Narsingdi, Shariatpur, Cumilla, Lakshmipur, Jamalpur, Notore, Pabna, Sirajgani, Bagerhat and Patuakhali, of Bangladesh through ensuring safer adequate, equitable, sustainable sanitation, hygiene, facilities and services with a special focus on the urban poor women and children of 10 towns in Bangladesh.
The $36.4 million loan shall bear an interest rate of approximately 3.20 percent. The total financing shall have a maturity of 20 years including a grace period of 5 years and the grant element of the total financing is 45.76.
IsDB is one of the leading and trusted development partners. The purpose of the bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Islamic Shari’ah.
Bangladesh is one of the founding members of the IsDB. The IsDB has been providing financial assistance since its inception in the form of grant, project loan, trade financing, private sector financing, export credit guarantee. As of now, IsDB has approved approximately $22.51 billion.
IsDB’s project financing in the public sector of Bangladesh mainly focuses on sanitation, water sector, education, power, rural infrastructure, poverty alleviation and agriculture.
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