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Bangladesh: WB to provide US$500mln for Bangladesh's power supply modernisation

DHAKA, 30 June 2022, (TON): A loan agreement was signed between the government of Bangladesh and the World Bank (WB) under which the lending agency will provide US$500 million to modernise the rural electricity distribution system under Dhaka and Mymensingh regions.

Economic Relations Division Secretary Fatima Yasmin and World Bank Acting Country Director for Bangladesh and Bhutan Dandan Chen signed the loan agreement on behalf of their respective sides.

WB will provide the US$500 million loan from the IDA-19 Scale-Up Window.

The interest rate of the above mentioned loan is '6-month Libor plus the Variable Spread Service Charge: 0.25 percent front-end fee and commitment charge: 0.25 percent' and this loan has to be repaid in 35 years with a grace period of five years.

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