Bangladesh seeks ITFC co-op modernise power distribution

Bangladesh has sought the cooperation of the International Islamic Trade Finance Corporation (ITFC) to modernise the power distribution and transmission system. The cooperation may extend to up to $500 million initially.

State Minister for Power, Energy and Mineral Resources Nasrul Hamid sought the cooperation when Chief Executive Officer of International Islamic Trade Finance Corporation (ITFC) Engineer Hani Salem Sonbol called on him at his office in the ministry.

“We want to provide uninterrupted electricity at an affordable price. ITFC can assist in modernisation of distribution and transmission systems,” he told the ITFC chief.

During the meeting various issues related to their mutual interests were discussed.

The State Minister thanked the CEO of the ITFC and expressed willingness to work together to increase the existing relationship.

Nasrul Hamid said the size of Bangladesh's economy is gradually growing.

He noted that there are huge investment opportunities in the ongoing and planned projects in Bangladesh.

The Chief Executive Officer of ITFC said his organisation is interested in increasing the strategic partnership with Bangladesh.

Along with oil, ITFC will also finance the import of LNG. Initially $500 million but it can be increased gradually, he added.

Different issues including oil refineries, oil and gas transportation pipelines, energy-efficient electricity, and renewable energy were discussed for investment and financing in the meeting.

Energy and Mineral Resources Secretary Md Nurul Alam, Petrobangla Chairman Janendra Nath Sarkar and ITFC General Manager Abdihamid Abu were present on the occasion.