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Wednesday, April 24, 2024

EIB provides $283mn soft loan for Bangladesh’s healthcare development

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European Investment Bank (EIB) provides Bangladesh USD $ 283.06 million (EUR 250 million) to purchase Covid-19 vaccine and strengthen the healthcare system.

A finance contract (FC) was signed in this regard between Bangladesh and EIB under a project titled ‘Bangladesh Covid-19 Public Health Programme’.

Fatima Yasmin, Secretary, Economic Relations Division (ERD) and Edvardas Bumsteinas, head of Asia and Pacific Division, and Imanol Lecue Gurtubay, Legal Counsel, signed the loan agreement on behalf of Bangladesh and EIB respectively.

The main objectives of the finance programme are to purchase and supply vaccines for the prevention of Covid-19 infections, strengthening the healthcare system and expanding social security in the health sector.

“It’s a concessional loan to the government of Bangladesh, with a repayment period of twenty years, including five years’ grace period. This is their first-ever highest contribution as part of their development cooperation to our country,” Yasmin said.

EIB is an important development partner of Bangladesh. It co-financed four projects along with ADB amounting to $423 million (USD) in railway and water treatment plants of Dhaka Wasa. Unlike the previous co-financed contribution, this is the first time standalone contribution for Bangladesh.

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