IsDB cancels $175m Bangladesh projects over deadline failure

The Islamic Development Bank (IsDB) has withdrawn $175.5 million fund commitments for two projects in Bangladesh as the country failed to meet with policy deadlines.

It took steps to cancel the projects - the $155.5 million 'Prepayment Metering System' and $20 million 'Sustainable Housing for Low Income Urban Communities' - in order to maintain AAA rating from all major rating agencies, it said.