Budget support to Bangladesh for power, energy sector likely within December: World Bank

The World Bank is likely to provide budget support to Bangladesh's power and energy sector within the upcoming December, the international financial institution said today (10 September).

Discussions have been held with the Bangladesh Bank governor and the finance adviser regarding the budget support, World Bank's Bangladesh Country Director Gayle Martin said during a meeting of the WB delegation with Power and Energy Adviser Muhammad Fouzul Kabir.

In response to a request regarding budget support from the adviser at the meeting, Martin expressed optimism about providing the support for the energy and power sector by next December, reads a press statement issued by the Ministry of Power, Energy and Mineral Resources today (10 September).

He also said the World Bank is keen to work sincerely with the interim government.

Speaking at the meeting, Adviser Fouzul said during the previous government, hundreds of projects have been carried out out of necessity. 

"There have been many expensive projects, but their returns have been negligible, which did not produce value for money," he said.

Stating that the scenario is the same in the power and energy sector, he said, "Due to these reasons, the costs and prices have increased in the sector."

The adviser hoped that by increasing the amount of renewable electricity and energy on a priority basis and ensuring efficiency in this field, the price of electricity and energy would come down in the future.

They discussed the issue of the World Bank's budget support in detail during the meeting.