IDB to give $60 million for power plant project

FE Team | Published: August 31, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

Visiting Islamic Development Bank (IDB) President Ahmad Mohamed Ali Thursday offered the bank's assistance for Bangladesh's post-flood rehabilitation programme and funds for a power project, reports UNB.
Ali gave the assurances when he made a courtesy call on Chief Adviser Fakhruddin Ahmed at his 30 Hare Road Jamuna official residence in the afternoon.
"I assure you definitely IDB will help," he said responding to the Chief Adviser's request for cooperation while briefing the IDB president about the recent floods in Bangladesh.
The head of caretaker regime said the government is preparing total assessment of losses incurred in the flooding. The IDB chief said they would send a mission to assess the damage caused by the floods.
The bank also agreed to provide 60 million US dollars for funding Dhaka North Power Plant project of the Rural Power Company Ltd (RPCL) under REB.
It has already funded 60 million dollars for submarine cable project.
The Bank President apprised that IDB has set up a Poverty Alleviation Fund with a targeted 10-billion-dollar fund for poor member-countries of the IDB in Asia and Africa to fight poverty.
Already, Saudi Arabia has committed to providing one billion US dollars for the fund while IDB to provide 1.6 billion dollars for it, he said.
The Chief Adviser thanked the IDB chief for setting up of the poverty-alleviation fund, informing that "Bangladesh focused poverty alleviation in all of its development projects", according to his Press Secretary Syed Fahim Munaim who was present at the meeting.
He expressed the hope that Bangladesh would also get help from the IDB's poverty fund.
The Islamic Development Bank, as of January 2007 since its inception in 1975, has provided Bangladesh a total of about 520 million US dollars as socioeconomic assistance and 4,147 million US dollars as trade finance for the import of crude oil and petroleum products by Bangladesh Petroleum Corporation (BPC).
Now 15 projects are underway in Bangladesh with 110 million US dollars as IDB support.
Each year IDB provides Bangladesh around 15 to 20 million US dollars as concession credits.
Ahmed said Bangladesh and IDB have partnership in many successful projects.
The Bank has supported a number of successful projects in Bangladesh, including Chittagong Urea Fertilizer Ltd (CUFL), Zia International Airport, East-West Electrical Interconnections and Teesta Barrage.
The Chief Adviser thanked the IDB chief for useful assistance to Bangladesh in various sectors and also sought cooperation in matching fund for various rural development projects.
He also appreciated the leadership of IDB president Ali, who has been serving as president of the bank since its inception in 1975, with a short absence since 1995 to 1996, for taking the bank successfully on a higher level.
IDB country representative Md Sayefuddin, ERD Secretary Md Aminul Islam Bhuiyan, Secretary to CA's Office Kazi M Aminul Islam and Additional Secretary of ERD and IDB executive director Md Shaheedul Hoque were also present at the meeting.