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$1.2bn loan deal signed with Japan -
bdnews24.com
Bangladesh has signed a loan package deal of $ 1.18 billion with Japan to implement five big projects on power, gas, flood management and agriculture.
The visiting JICA President Akihiko Tanaka witnessed the signing in Dhaka on Monday.
The deal is part of Japan’s commitment to give Bangladesh $ 6 billion credit for the next five years, made during Prime Minister Sheikh Hasina’s Tokyo visit.
Economic Relations Division Secretary Mohammad Mejbahuddin and JICA Chief Representative Hikio Hataeda signed the deal at a Dhaka hotel.
Finance Minister Abul Maal Abdul Muhith, and senior government as well as Japanese embassy officials were present during the signing.
Japan is Bangladesh’s largest development partner.
As per the deal, $ 406 million will be used for the two units of the 1200MW Matarbarhi Ultra Super Critical Coal-fired Power Project at Moheshkhali Upazila in Cox’s Bazar district.
It will give $ 231 million for Natural Gas Efficiency Project, $ 300 million for Inclusive City Governance Project, $149 million for Haor Flood Management and Livelihood Improvement Project, and $ 97 million for Small and Marginal Sized Farmers Agricultural Productivity Improvement and Diversification Financing Project under the deal.
The interest rate of 0.01 percent is so low that finance minister said it was “as good as grant”. The repayment period is 40 years with a 10-year grace period.
He said the prime minister’s recent visits to Japan and China had opened up “a new era of mutual cooperation”.
JICA chief Tanaka said he was proud of working together with the people and the government of Bangladesh.
Bangladesh had become the third largest partner country of Japanese Official Development Assistance (ODA) with “remarkable improvement in poverty reduction, education and health conditions”.
“Bangladesh appears to be entering into a new stage of development, fuelled by faster economic growth,” he said, adding that JICA had more to cooperate at this juncture of Bangladesh.
The total cost of the Matarbarhi coal-fired power project is Tk 400 billion and JICA will contribute 85 percent of the funds. The government expects to generate and transmit electricity by this project by 2022.
The Japan’s development arm will contribute 65 percent of the ‘Natural Gas Efficiency’ project which will cost Tk 27 billion. The project will be implemented by June 2022.
Inclusive city governance project from July this year to June 2020 will cost more than Tk 28 billion, in which JICA will contribute 81 percent of the total cost.
JICA will give 58 percent of the nearly Tk 20 billion Haor Flood Management and Livelihood Improvement project, which will end in June 2022.
About 92 percent of the total Tk 8 billion cost for the Small and Marginal Sized Farmers Agricultural Productivity Improvement project will come from JICA.
The project will end in June 2020.
bdnews24.com
Bangladesh has signed a loan package deal of $ 1.18 billion with Japan to implement five big projects on power, gas, flood management and agriculture.
The visiting JICA President Akihiko Tanaka witnessed the signing in Dhaka on Monday.
The deal is part of Japan’s commitment to give Bangladesh $ 6 billion credit for the next five years, made during Prime Minister Sheikh Hasina’s Tokyo visit.
Economic Relations Division Secretary Mohammad Mejbahuddin and JICA Chief Representative Hikio Hataeda signed the deal at a Dhaka hotel.
Finance Minister Abul Maal Abdul Muhith, and senior government as well as Japanese embassy officials were present during the signing.
Japan is Bangladesh’s largest development partner.
As per the deal, $ 406 million will be used for the two units of the 1200MW Matarbarhi Ultra Super Critical Coal-fired Power Project at Moheshkhali Upazila in Cox’s Bazar district.
It will give $ 231 million for Natural Gas Efficiency Project, $ 300 million for Inclusive City Governance Project, $149 million for Haor Flood Management and Livelihood Improvement Project, and $ 97 million for Small and Marginal Sized Farmers Agricultural Productivity Improvement and Diversification Financing Project under the deal.
The interest rate of 0.01 percent is so low that finance minister said it was “as good as grant”. The repayment period is 40 years with a 10-year grace period.
He said the prime minister’s recent visits to Japan and China had opened up “a new era of mutual cooperation”.
JICA chief Tanaka said he was proud of working together with the people and the government of Bangladesh.
Bangladesh had become the third largest partner country of Japanese Official Development Assistance (ODA) with “remarkable improvement in poverty reduction, education and health conditions”.
“Bangladesh appears to be entering into a new stage of development, fuelled by faster economic growth,” he said, adding that JICA had more to cooperate at this juncture of Bangladesh.
The total cost of the Matarbarhi coal-fired power project is Tk 400 billion and JICA will contribute 85 percent of the funds. The government expects to generate and transmit electricity by this project by 2022.
The Japan’s development arm will contribute 65 percent of the ‘Natural Gas Efficiency’ project which will cost Tk 27 billion. The project will be implemented by June 2022.
Inclusive city governance project from July this year to June 2020 will cost more than Tk 28 billion, in which JICA will contribute 81 percent of the total cost.
JICA will give 58 percent of the nearly Tk 20 billion Haor Flood Management and Livelihood Improvement project, which will end in June 2022.
About 92 percent of the total Tk 8 billion cost for the Small and Marginal Sized Farmers Agricultural Productivity Improvement project will come from JICA.
The project will end in June 2020.
