Bangladesh seeks $1b budget support from WB for power sector
The adviser presented the proposal to Abdoulaye Seck, the World Bank’s country director for Bangladesh, and his four-member delegation during a meeting in his ministry’s conference room in Dhaka today
Power, Energy and Mineral Resources Adviser Muhammad Fouzul Kabir Khan has sought $1 billion assistance from the World Bank to settle a $2 billion debt left by the previous government in the power sector.
The adviser presented the proposal to Abdoulaye Seck, the World Bank's country director for Bangladesh, and his four-member delegation during a meeting in his ministry's conference room in Dhaka today.
According to a press release from the Public Relations Department of the Power, Energy, and Mineral Resources Ministry, the current foreign debt for electricity and energy imports stands at approximately $2.2 billion. Therefore, the adviser has requested $1 billion in budget support from the World Bank for the power and energy sector.
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At the meeting, the adviser said that the current interim government has assumed office with a strong mandate. On its first day in office, the government suspended all activities under the Quick Energy Supply Act.
"A section of the Bangladesh Energy Regulatory Commission Act suspends the government's authority to set electricity and gas prices. If necessary, initiatives will be taken to review, amend, or cancel these two laws," he added.
Abdoulaye Seck congratulated the adviser Fouzul Kabir on his new role and expressed WB's commitment to working with the current government.
He said, "The World Bank would seriously consider the proposal for budget support for the power and energy sector."
