PV Desk : A deal securing about $179.5 million for financing Bangladesh’s first LNG project has been signed.
For the project to help expand access to clean energy in Bangladesh, International Finance Corporation or IFC will provide $10.8 million in equity investment and Excelerate’s equity will amount to $43.1 million.
IFC and Excelerate Energy, which will implement the project on Maheshkhali Island in Cox’s Bazar, signed the agreement on Tuesday.
Energy Adviser to the PM Tawfiq-e-Elahi Chowdhury and State Minister for Power and Energy Nasrul Hamid attended the signing ceremony held at a Dhaka hotel.
As the lead arranger for the project, IFC has raised a debt financing package of $125.7 million, including IFC’s loan of $32.8 million, $25 million from CDC, $15 million from DEG, $20 million from FMO and the rest from JICA.