Bangladesh: COVID-19 Active Response and Expenditure Support (CARES) Program (AIIB-000393)

Countries
  • Bangladesh
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 1, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Bangladesh
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS May 29, 2020


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Project Description

According to AIIB website, the project aims to provide the Government of Bangladesh with budget support to mitigate the severe adverse social and economic impact of the COVID-19. Specifically, the program will help the government to support the worst-hit industries, including the export-oriented industries and SMEs and expand and strengthen its social safety net for the vulnerable groups.

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)
Contact Information

Sangmoo Kim

Senior Investment Operations Specialist, AIIB

sangmoo.kim@aiib.org

Raqib Ahmed Chowdhury

Investment Operations Specialist, AIIB

raqib.chowdhury@aiib.org


Dongdong Zhang

Principal Financial Sector Specialist, SARD, ADB

dzhang@adb.org

 

Md. Shahriar Kader Siddiky

Joint Secretary, Economic Relations Division
Ministry of Finance

wingchief-asia@erd.gov.bd

 

 

ACCOUNTABILITY MECHANISM OF AIIB

In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB's policies, "people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank's oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism." However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.