$ 31.4m deal for Shikalbaha power plant

http://www.theindependentbd.com/business/finance/80821–314m-deal-for-shikalbaha-power-plant.html

$ 31.4m deal for Shikalbaha power plant
Author / Source : UNB

Dhaka, Nov 20: The government has signed a US$ 31.4 million co-financing loan agreement with Abu Dhabi Fund for Development (ADFD) for the 225 megawatt Shikalbaha duel-fuel combined cycle power plant. Joint secretary of the Economic Relations Division ATM Mostafa Kamal and Abu Dhabi Fund director general Mohammed Saif Al Suwaidi signed the deal on behalf of their respective sides on November 17 in Abu Dhabi, said a handout on Sunday.

The estimated cost of the project, to be implemented by the Bangladesh Power development Board (BPDB), is US$ 287.95 million. The total foreign financing for the project is US$ 193.01 million.  Earlier, another co-financing loan deal worth US$ 53 million was signed with Kuwait Fund for implementing the project.

Meanwhile, Saudi Fund and OPEC Fund have assured the government of providing funds for the project. The government will provide US$ 94.94 million for the project.

The project is aimed at addressing increased demand of electricity in Chittagong apart from stabilising the national grid. Abu Dhabi Fund has been a development partner of Bangladesh for long and the government has so far got US$ 114.25 million credit facilities from it since 1974.  It has also provided US$ 17.2 million donation to Bangladesh.

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