The Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved $60 million loan for a power project in Bangladesh.

Laurel Ostfield, head of communications and development of AIIB, made the disclosure at a media briefing in Dhaka today.

With this new loan, the newly-established multilateral development bank’s exposure in Bangladesh reached $285 million or 6.6 percent of its total portfolio.

“So far AIIB has financed three projects, all in the energy sector,” Ostfield told journalists at the briefing at Lakeshore Hotel.

The newly-approved loan of $60 million will help Bangladesh develop a 220-megawatt combined cycle power plant in Bhola at a total cost of $271 million. Islamic Development Bank and local Infrastructure Development Company will provide the remaining cost of the project.