AIIB to provide budget support to help Bangladesh address energy crisis

The Asian Infrastructure Investment Bank (AIIB) has agreed to provide budgetary support to Bangladesh to help the country tackle its energy crisis and ongoing economic pressures.

At the same time, the government is taking initiatives to increase investment and create jobs by reopening closed industrial factories.

Finance Minister Amir Khasru Mahmud Chowdhury shared this information on Saturday after a meeting with private sector representatives and members of the advisory council at the Prime Minister’s Office in Tejgaon.

The meeting was chaired by Prime Minister Tarique Rahman.

The finance minister said that AIIB’s budget support would help Bangladesh cope with the pressure created in the energy sector due to the global situation. He noted that the bank is particularly interested in investing in climate-resilient and environmentally friendly projects.

The government is also prioritising the expansion of solar power generation and financing for the electric vehicle sector. According to the minister, the government aims to generate between 20%-30% of the country’s total electricity from solar energy.

During the meeting, business leaders highlighted various obstacles related to the cost of doing business and the ease of doing business. The prime minister provided immediate solutions to some of the issues and instructed that the remaining problems be resolved quickly.

The finance minister also said that initiatives are underway to reopen recently closed mills and factories, which is expected to create employment opportunities in the short term. There are also plans to increase employment by reactivating older development projects.

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He added that the current situation remains under control through a combination of domestic resources and international assistance. However, he did not provide specific details regarding fuel prices or the size of the upcoming national budget.

The finance minister expressed optimism that through coordinated efforts between the government and the private sector, Bangladesh would be able to overcome its economic and energy challenges in the near future.