The World Bank will provide Bangladesh with $700 million credit to implement two projects in the country’s power and energy sector.
The assurance came after a meeting between State Minister for Power and Energy Nasrul Hamid and a visiting World Bank team led by its Vice-President for South Asia Martin Raiser.
He said the power transmission line project will be implemented by 2028 while the pre-paid meters will be installed by 2024.
Presently, the Power Division is implementing six projects at a cost of $1.6 billion with World Bank funds, the official added.
He said the lender has also shown interest in investing more in regional power exchange among Bangladesh, India, Nepal and Bhutan through cooperation.
Bangladesh has sought the World Bank’s support in establishing power connectivity among these four countries as early as possible. State Minister for Power and Energy Nasrul Hamid said Bangladesh was also interested in equity investment in Nepal and in electricity import from Bhutan through India.
He requested the World Bank for releasing the support so that the projects can be completed within the stipulated time.
State Minister for Power and Energy Nasrul Hamid called for the World Bank’s assistance to expand electric vehicles here.
He also sought more World Bank investment in expansion of renewable power projects considering global warming. World Bank Vice-President for South Asian region Martin Raiser has expressed interest in helping capacity building on power and energy as well as expansion of renewable and regional power trading.
Energy and Mineral Resources Division’s senior secretary Md Mahabub Hossain, Power Division secretary Md Habibur Rahman, World Bank’s South Asian regional director (infrastructure) Guangzhe Chen and other senior officials also attended the meeting.