Home » BUSINESS » Govt likely to sign $220 million deal with IDB
Govt likely to sign $220 million deal with IDB
Govt likely to sign $220 million deal with IDB

Govt likely to sign $220 million deal with IDB

Bangladesh government has kept an eye on signing a $220 million credit assistance agreement by June with the Islamic Development Bank (IDB) to implement 400 MW Ashuganj (East) power plant efficiency project.

Economic Relations Division (ERD) official said “Hopefully, we’ll be able to sign the credit agreement for the 400MW Ashuganj (East) power plant efficiency improvement project in the country by this June. It could be either signed in Dhaka or in Jeddah.”

The official also added that a draft credit deal with some proposed amendments will be sent to IDB headquarters in Jeddah for their consent. If everything goes well then the agreement will be signed then.

The $220 million credit assistance will helpful to replace old steam gas turbine power plants with a more efficient 400-MW gas-fired combined cycle power plant at Ashuganj Power Station complex, sources at the Power Division depicted.

The authority concerned is also looking forward to replace analog billing meters by a numbe rof prepaid meters in Dhaka division.

The 400-MW Ashuganj (East) power plant efficiency improvement project is a five-year term project (Jan 2016-Dec 2020) and the total cost of the project is estimated at $ 530 million.

Earlier, total cost of the proposed project was estimated as $530 million. ADB is likely to provide $205 million, $220 million will be provided by IDB and $105 million from the national exchequer.

Earlier on February 16, the Board of Executive Directors of the Islamic Development Bank (IDB) approved the funding for the Ashuganj project.

Bisides, the IDB is likely to provide $ 20 million for sustainable housing for low-income urban communities and $ 8.3 million for a technical teacher training institute project in Bangladesh.

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