Opec to give $38m for Bangladesh power plant development

The Opec Fund for International Development has approved a $38 million loan for the development of a private-sector power plant in Bangladesh.

"The $38 million private sector loan will support the construction of a 584MW power plant, create more than 1,000 jobs and strengthen the country's energy security," Opec Fund announced on its website on Thursday.

The loan is part of over $500 million in new financing for 15 projects that Opec Fund's governing board approved in the final quarter of 2022.

"In a very challenging year, the Opec Fund has been able to significantly increase its support and strengthen its impact. Our new approvals will provide much-needed financing to address urgent global issues such as food, energy and climate security in line with our strategic priorities," Opec Fund Director-General Abdulhamid Alkhalifa said.

"At the same time, we recognise the need to accelerate support for sustainable development to ensure people's livelihoods and well-being worldwide," he stated in the announcement.

The Opec Fund, which was established in 1976 by the member states of the Organisation of the Petroleum Exporting Countries (Opec), finances projects that meet essential needs, such as food, energy, infrastructure, employment, clean water and sanitation, healthcare and education.

To date, it has committed more than $22 billion to development projects in over 125 countries.