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ADB to Help Bangladesh Fund $581 Million in New Power Projects
Q
By Natalie Obiko Pearson - Aug 16, 2011 6:38 AM GMT+0100
The Asian Development Bank and Islamic Development Bank have agreed to help Bangladesh fund $581 million in new power projects by June 2017.
The funding will help close a power deficit that is expected to climb this year to 1,200 megawatts, about the capacity of one nuclear plant, in a nation where 49 percent of people don’t have access to electricity.
The Manila-based lender will provide a $300 million loan to Bangladesh to build a new natural gas-fueled power station to replace aging units at the country’s second-largest plant in Ashuganj, according to a statement on ADB’s website.
The IDB, based in Jeddah, Saudi Arabia, will provide $200 million and the Bangladesh government will contribute $81 million to the project, which will also build a 5-megawatt solar photovoltaic plant, a hybrid renewable-energy project on Hatiya island and retrofit streetlights with more efficient bulbs.
The ADB loan has a 25-year tenure with a grace period of 5 years and an interest rate determined by the bank’s Libor-based lending facility, it said.
http://www.bloomberg.com/news/2011-0...-projects.html
Q
By Natalie Obiko Pearson - Aug 16, 2011 6:38 AM GMT+0100
The Asian Development Bank and Islamic Development Bank have agreed to help Bangladesh fund $581 million in new power projects by June 2017.
The funding will help close a power deficit that is expected to climb this year to 1,200 megawatts, about the capacity of one nuclear plant, in a nation where 49 percent of people don’t have access to electricity.
The Manila-based lender will provide a $300 million loan to Bangladesh to build a new natural gas-fueled power station to replace aging units at the country’s second-largest plant in Ashuganj, according to a statement on ADB’s website.
The IDB, based in Jeddah, Saudi Arabia, will provide $200 million and the Bangladesh government will contribute $81 million to the project, which will also build a 5-megawatt solar photovoltaic plant, a hybrid renewable-energy project on Hatiya island and retrofit streetlights with more efficient bulbs.
The ADB loan has a 25-year tenure with a grace period of 5 years and an interest rate determined by the bank’s Libor-based lending facility, it said.
http://www.bloomberg.com/news/2011-0...-projects.html