AIIB approved a loan of $165 million for the Distribution System Upgrade and Expansion Project in Bangladesh.
The project consists of two components:
(1) provision of about 2.5 million service connections to rural consumers;
(2) upgrading two grid substations and conversion of 85 km overhead distribution lines into underground cables in north Dhaka.
The Bangladesh Rural Electrification Board and Dhaka Electric Supply Company Limited are the project implementation agencies.
The Project implementation period is from July 2016 to June 2019, and upon completion, is expected to benefit an estimated 12.5 million people, in both urban and rural areas. The Loan Closing Date will be December 31, 2019.
AIIB loan: $165 million, with a 25-year term, including a grace period of 5 years, at the Bank’s standard interest rate for sovereign-backed loans with this weighted average maturity.
No contact information provided at the time of disclosure.
ACCOUNTABILITY MECHANISM OF AIIB
The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides “an opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIB’s failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.” Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html.
The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html.