Japanese financial assistance likely in power sector

Staff Correspondent

18 December, 2020 12:00 AM printer

Japanese financial assistance likely in power sector

The government is going to take financial assistance from Japan for implementing for power and energy infrastructure development projects and activities.

Ministry of Power, Energy and Mineral Resources on Thursday signed a Memorandum of Understanding (MoU) with Japan Bank for International Cooperation (JBIC) in this regard, says a release.

The agreement aims to ensure cooperation and finance in various sectors including LNG and gas value chain, renewable energy, hydropower and energy efficiency, power and energy transmission and distribution system, waste to power projects.

State Minister for Power, Energy and Mineral Resources Nasrul Hamid and Deputy Governor of JBIC Hayashi Nobumitsu signed the agreement on behalf of their respective organsiations virtually.

Speaking on the occasion, Nasrul Hamid said that Japan is Bangladesh’s trusted and tested development partner.

To the date, investment opportunities have been created in power generation, transmission, distribution, underground distribution system, gas insulated substation(GIS) sub-station, power transmission system in remote area, smart meter, floating solar power plant, waste-to-energy, wind power, solar grid, high power distribution network and other sectors, he added.

Welcoming the MoU, Hayashi Nobumitsu said that Bangladesh is a country with a growing economy and the size of the market is gradually increasing.

"Japanese stakeholders are now interested in investing in Bangladesh’s power sector," said the Deputy Governor of JBIC.

This MoU will further strengthen the existing relationship between Bangladesh and Japan, he added.

Power Division Senior Secretary Md Anisur Rahman, Bangladesh Ambassador to Japan Shahabuddin Ahmed, Petrobangla Chairman ABM Abdul Fattah, Bangladesh Petroleum Corporation (BPC) Chairman Abu Bakar Siddique, and Ambassador of Japan to Bangladesh ITO Naoki, among others, were also present on the occasion.