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Dhaka     Monday   17 February 2025

WB to provide Tk 367cr more for country’s power sector 

News Desk || risingbd.com

Published: 20:19, 23 January 2025  
WB to provide Tk 367cr more for country’s power sector 

The World Bank will provide Tk 367 crore more for strengthening the country’s power transmission networks.

Md Shahriar Kader Siddiky, secretary of Economic Relations Division (ERD), and Gayle Martin, acting country director of the World Bank, signed the agreement on additional funds on behalf of their respective sides.

The Power Grid Bangladesh is implementing an project with an aim to ensure reliable power supply and meet the growing demand for electricity in the greater Cumilla, Chattogram, and Noakhali regions.

The initial financing agreement of this project, amounting to $450.64 million was signed on  April 10, 2018 under the Scale-Up Facility (SUF) of the World Bank. 

A total of $50.00 million was cancelled from the original amount for repurposing for the Covid-19 related projects during the Covid period. 

Now, additional financing of $30.00 million from the World Bank has been agreed on for the successful completion of the project.

The loan repayment period is 30 years with a grace period of 5 years. The interest rate for this loan agreement is 1.25 per cent and the service charge is 0.75 per cent. The maximum commitment charge is 0.5pc.

However the World Bank Board decided to waive the commitment charge for this year.
 

Hasan/Mukul