According to Xinhua News Agency, the Asian Infrastructure Investment Bank (AIIB, AIIB) has approved a $120 million loan project to upgrade and expand the transmission system in the Chattogram area in southeastern Bangladesh, with more than 4 million in the region. population.

It is reported that the Bangladesh Power System Upgrade and Expansion Project is the first AIIB financing project approved under the Bank Accountability Framework, which came into effect on January 1.

The project will build and upgrade more than 46 kilometers of double-circuit transmission lines and associated substations and line brackets.

The AIIB statement said the project will also increase voltage stability, reduce voltage fluctuations and expand demand for electricity, allowing more homes and businesses to connect to the regional grid.

The Bangladesh Power System Upgrade and Expansion Project is one of four AIBB-funded energy projects in Bangladesh.

The AIIB said that all four projects are in line with the goal of the Bangladesh government to achieve affordable electricity for all by 2021.