The European Investment Bank (EIB) has committed to providing 350 million euro in framework loans to support renewable energy projects in Bangladesh, with the European Union contributing an additional 45 million euro in grants.

The projects aim to boost environmental sustainability and advance efforts to mitigate and adapt to climate change, in line with Bangladesh's sustainable development goals, according to a press release from the Ministry of Finance.

The announcement came on the sidelines of the 58th Annual Meeting of the Asian Development Bank (ADB), where Bangladesh strengthened development cooperation through a series of high-level bilateral meetings with key international financial partners.

On May 4, Finance Adviser Salehuddin Ahmed held a bilateral meeting with EIB President Nadia Calvino to discuss expanding the bank's support in Bangladesh's priority sectors. 

The EIB, the EU's primary lending arm, has been working in Bangladesh since 2000 and has invested around EUR 635 million in six ongoing projects in health, water supply, transport, and communications.

Although its primary focus is on EU member states, the EIB plays a significant role in EU development cooperation with over 160 countries, particularly in climate action, infrastructure, innovation, and SME development.

During the meeting, the finance adviser highlighted the urgent need for increased investment in human capital and infrastructure to help Bangladesh manage its LDC graduation and avoid the middle-income trap.

He urged the EU and its institutions to scale up concessional financing in key sectors.

Ahmed also met with officials from the Japan Bank for International Cooperation (JBIC), a long-time partner in Bangladesh's development.

JBIC's notable investments include the DAP-II and Ghorasal Fertilizer Plants and the Meghnaghat Power Plant.

The Bangladesh delegation also held meetings with senior officials from the ADB, the OPEC Fund, and the Agriculture Innovation Mechanism for Scale.