Bangladesh gets $300M loan to improve power supply
DHAKA, Bangladesh—Bangladesh has signed a $300 million loan agreement with the Asian Development Bank to help the energy-starved nation improve power supplies to its factories.
The loan will be used mainly to install new generators in Bangladesh's aging power plants, while new facilities will be built for renewable energy. The agreement was signed Wednesday in the capital, Dhaka.
Only 49 percent of Bangladesh's 150 million people have access to electricity. The nation's efforts to improve economic growth and cut the poverty rate are significantly hampered by the lack of electricity.
The Asian Development Bank said aging thermal plants, inadequate natural gas supplies and a lack of diverse power sources have left Bangladesh with a large gap between electricity supply and demand.