Bangladesh approves nearly 700 mln USD electricity project

Bangladesh's highest economic policy-making body has approved an electricity network project worth 61.79 billion taka (about 700 million U.S. dollars) to enhance the electricity network in Dhaka and Mymensingh divisions.

The modernization and capacity enhancement of BREB (Bangladesh Rural Electrification Board) Network was approved at a meeting of the Executive Committee of the National Economic Council (ECNEC) chaired by Prime Minister Sheikh Hasina on Tuesday.

After the meeting, Bangladeshi State Minister of Planning Shamsul Alam told media that the ECNEC approved the project to improve electric distribution systems in Dhaka and Mymensingh divisions.

Alam said the ECNEC approved 10 projects in total involving around 108.55 billion taka.

Of the cost, 51.43 billion taka will come from the Bangladeshi government and 7.56 billion taka from the organization's own fund, while the rest of 49.57 billion taka in project loans will come from foreign sources, Alam added. (1 U.S. dollar equals about 89 Bangladeshi taka)