WB to lend $500m for power project

The World Bank will provide Bangladesh with a $500 million loan to implement the Electricity Distribution Modernisation Programme (EDMP) (Dhaka-Mymensingh) project aimed at ensuring uninterrupted power supply.

In this regard, the Economic Relations Division (ERD) and the World Bank signed a loan agreement on Wednesday.

They signed another deal, as part of which the World Bank will give Bangladesh a $15 million grant for the Clean Technology Fund (CTF).

ERD Secretary Fatima Yasmin and Dandan Chen, acting country director of Bangladesh and Bhutan at the World Bank’s Dhaka office, signed the agreements on behalf of their respective sides.

The power project will be implemented by the Bangladesh Rural Electrification Board to upgrade and enhance the capacity of the rural electricity distribution network, thus meeting the increasing demand for power.

It will also help access uninterrupted, reliable, affordable, and efficient power supply, reducing system losses in distribution.