Bank of America wants to provide $ 50b to support BD's renewable energy sector
Bank of America wants to provide $ 50b to support BD's renewable energy sector :: Financial Express :: Financial Newspaper of Bangladesh
Published : Sunday, 17 March 2013
Deputy Assistant Secretary of the US for Energy Transformation Dr Robert Ichord and DCCI President Md Sabur Khan seen, among others, at the meeting on 'Sustainable Energy for All Initiative' organised by the DCCI in the city Saturday.
FE Report
The visiting deputy assistant secretary of the United States (US) for energy transformation Dr Robert Ichord said Saturday that the Bank of America is willing to provide US$ 50 billion to support sustainable and renewable energy sector in Bangladesh.
"Bank of America is willing to provide $ 50 billion to support this sustainable and renewable energy sector," he said at a discussion meeting on "Sustainable Energy for All Initiative (SE4ALL)" with the board of directors of the Dhaka Chamber of Commerce and Industry (DCCI) at the auditorium of the trade body on the day.
He suggested that Bangladesh should give more concentration on gas exploration. He also stressed the need for modernised policy framework under public-private partnership (PPP) model in order to ensure better enabling environment for investment in this sector.
"In order to ensure energy security for all by the year 2030, government, private sector and donors have to work together," he said.
Welcoming the US official delegation DCCI President Md Sabur Khan said Bangladesh has immense demand for alternative energy and the companies from the US could invest in the sector for mutual benefit.
"Alternative power has a great demand in Bangladesh and there remains a tremendous growth potential for it in this sector," he said.
"I invite companies from US to invest in this sector," he added.
Mr Khan said SE4ALL could play a vital role in mobilising foreign investment in this sector in Bangladesh.
He said Bangladesh government has initiated a power and energy sector development roadmap (2010-2021) which has targeted to produce 20,000 megawatt (mw) of power by 2021.
He requested the US entrepreneurs to invest in power and energy sector including alternative energy like renewable energy in Bangladesh to ensure energy security in the country which is very important for the economic development and industrialisation.
He informed that about 16 per cent of global energy consumption now comes from renewable resources and demand for renewable energy is increasing in Bangladesh in recent days.
The SE4ALL is a joint World Bank-UN initiative with three broad objectives like increasing energy access, promoting renewables and improving energy efficiency.
DCCI Senior Vice President Nessar Maksud Khan offered vote of thanks.
DCCI Vice President Absar Karim Chowdhury, Directors ASM Mohiuddin Monem, Khairul Majid Mahmud, Haider Ahmed Khan, FCA, Rizwan-ur Rahman, M Abu Hurairah, Kh Shahidul Islam, Hossain A Sikder, Abdus Salam and Md Shoaib Choudhury, among others, took part in discussion.
Ms Molly Ward of State Department Energy Bureau (State/ENR), USA, Ms Elizabeth Wallace, Financing Consultant for State/ENR, USA, Pat Delaquil, SE4ALL Consultant for State/ENR, Francesca Costantino of US Department of Energy, Alexander Gazis of Economic & Commercial Office, US Embassy, Dhaka, among others, were also present.
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