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NDB to finance water, gas projects

Staff Correspondent
03 Jun 2023 00:00:00 | Update: 03 Jun 2023 00:08:39
NDB to finance water, gas projects

The New Development Bank (NDB), established by the BRICS group of nations, has expressed keen interest in financing a water supply and a gas pipeline project in Bangladesh.

During a bilateral meeting with Bangladeshi officials recently, the bank has given assurance to provide a $677 million loan for the projects – ‘Expanded Dhaka City Water Supply Resilient Project’ and ‘Replacement of Gas Pipeline between Dhaka and Narayanganj Project’ in Bangladesh.

NDB will give a $235 million loan for a water supply project of Dhaka Water and Sewerage Authority (WASA), and $442 million for the repair and replacement of leaky gas pipelines across Dhaka and Narayanganj, according to a press release issued by the Economic Relations Division (ERD) on Friday.

The bank is currently evaluating Dhaka WASA’s water supply project, under which the distribution network of the Padma (Jashaldia) Water Treatment Plant (WTP) will be constructed.

This project will ensure piped water supply to the dwellers of the expanded Dhaka city area by ensuring surface water supply.

In a bilateral meeting with ERD officials during the NDB Annual Meeting last week, the bank’s President Dilma Rousseff has given assurance to finance the Replacement of Gas Pipeline between Dhaka and Narayanganj Project.

Through implementing this project gas supply will be increased in Dhaka city and Narayanganj City Corporation area.

The 8th annual meeting of the NDB was held at the NDB’s Headquarters in Shanghai in between May 30-31 in 2023.

The theme of this year’s meeting, presided over by Egyptian Finance Minister Dr Mohamed Maait was “Shaping a New Era for Global Development”.

ERD secretary Sharifa Khan, who is also the alternate governor of Bangladesh to NDB, attended the meeting.

She said Bangladesh as a new member is participating at the NDB’s Annual meeting physically for the first time.

On behalf of the government of Bangladesh, she extended indebtedness to all the members for including Bangladesh to this family.

She requested concessional financing for climate change, public sector infrastructure development, regional connectivity, improving skills to face the challenges of 4IR and meeting the future demands of industries.

During the meeting South Africa was elected as the next chair of the Board of Governors. It was also decided that the next annual meeting would be held in South Africa during the first quarter of 2024.