Bangladesh, World Bank sign $30m loan deal for power transmission project

DHAKA: The Bangladeshi government and the World Bank have signed an agreement as additional financing for enhancing the power transmission network in the eastern region project amounting to SDR (an international reserve asset) 22.9 million (equivalent to $30 million).

The agreement was signed by Md Shahriar Kader Siddiky, Secretary of Bangladesh's Economic Relations Division (ERD), and Gayle Martin, Acting Country Director of the World Bank, on behalf of their respective organisations.

The project, implemented by Power Grid Bangladesh, aims to meet the increasing demand for electricity in southeastern Bangladesh. According to a statement from Bangladesh's ERD, the initial financing agreement for the project, totalling 450.64 million dollars, was signed in April 2018 under the World Bank's scale-up facility. Subsequently, 50 million dollars was repurposed for Covid 19 projects.

In this context, the World Bank is providing an additional $30 million to ensure the successful completion of the project.

By RSS/Xinhua