NDB to finance $677 m for water supply and gas pipeline construction

Industry Desk: The New Development Bank (NDB) is eager to finance Expanded Dhaka City Water Supply Resilient Project and Replacement of Gas Pipeline between Dhaka and Narayanganj Project.
The New Development will provide $677 million loan for the development of the water and sanitary sector and the gas sector of Bangladesh.
NDB will give $235 million loan for a water supply project of Dhaka Water and Sewerage Authority (Wasa) and $442 million for the repair and replacement of leaky gas pipelines across Dhaka and Narayanganj.
The bank is currently evaluating Dhaka WASA’s Expanded Dhaka City Dhaka Water Supply Network Improvement Project under which distribution network of the Padma (Jashaldia) Water Treatment Plant (WTP) will be constructed, reads an Economic Relations Division press release. This project will also ensure water supply to the dwellers of the outer Dhaka city area by ensuring surface water supply. NDB President Dilma Rousseff in a bilateral meeting during NDB Annual Meeting has given assurance to finance the Replacement of Gas Pipeline between Dhaka and Narayanganj Project. By implementing this project gas supply will be increased in Dhaka city and Narayanganj City Corporation area.
The 8th annual meeting of the New Development Bank was held at NDB Headquarters in Shanghai on 30-31 May 2023. The theme of this year’s meeting was “Shaping a New Era for Global Development”.
Dr Mohamed Maait, minister of Finance of Egypt presided over the Annual Meeting. The Programme of the 8th Annual Meeting included a variety of events, including the Opening Plenary Session featuring President address and official statements by the NDB Governors, Business Session of the 8th Annual Meeting of Board of Governors, Flagship and High-level Seminars, press conference as well as other side events and activities.
Sharifa Khan, secretary, Economic Relations Division and alternate governor of Bangladesh to NDB attended the meeting. She said that Bangladesh as a new member is participating at the NDB’s Annual meeting physically for the first time. She on behalf of the government of Bangladesh extended indebtedness to all the members for including Bangladesh to this family. She requested concessional financing for climate change, public sector infrastructure development, regional connectivity, improving skills to face the challenges of 4IR and meeting the future demands of industries.
Sharifa Khan also attended the flagship NDB Governor seminar on Innovation Driving Global Development. She informed that the Fourth Industrial Revolution (4IR) is now the reality in most of the advanced economy who have already started gaining from 4IRs while many people of the poorest segment of the global community did not even hear the terminology.
She stated that innovation capacities and performance of developing countries may be improved by supporting them in formulating appropriate policy frameworks, developing absorptive capability, supporting them to develop institutional quality and marketing skills and strengthening international collaboration. She requested NDB and other multilateral banks to play an instrumental role by investing both in public and private sectors of developing countries with concessional financing and adopting updated technologies.
The Bangladesh delegation attended a seminar on Investment Opportunities and Challenges in India and Bangladesh. Md Shahriar Kader Siddiky, additional secretary of the Economic Relations Division highlighted Bangladesh’s development journey and informed investment opportunities of several sectors including manufacturing and service sectors in Bangladesh.
The Bangladesh delegation had a bilateral meeting with newly joined NDB President Dilma Rousseff. Sharifa Khan, secretary, Economic Relations Division. They congratulated Dilma Rousseff for taking the charge as the president of NDB and requested cooperation of NDB for financing projects related to productive sectors, like transport and communication, energy, power etc.
She requested NDB’s support in financing the gas pipeline project. NDB president assured all sorts of cooperation for Bangladesh including the gas pipeline project.
During the meeting South Africa was elected as the next chair of the Board of Governors and it was decided that the next annual meeting would be held in South Africa during the first quarter of 2024.