United News of Bangladesh

The Asian Development Bank (ADB) has signed a $24.3 million financing package with Muktagacha Solartech Energy Limited (MSEL) to establish a grid-connected solar photovoltaic power plant in Mymensingh. As the sole mandated lead arranger, the Maninal-based lender arranged, structured, and syndicated the financing package for MSEL, which is owned by Bangladesh-based energy company Joules Power Limited (JPL). It comprises a $15.5 million loan from ADB and a $8.8 million loan from Leading Asia’s Private Infrastructure Fund 2 (LEAP 2), administered by ADB, said a press release from the agency. The project will build and operate a 20-megawatt (MW) grid-connected solar photovoltaic power plant—one of the initial private sector utility-scale solar facilities in the country to secure support from international financiers. Masato Kanda elected ADB President, succeeds Masatsugu Asakawa The solar power plant will generate 37.9 gigawatt-hours of electricity annually and avoid 18,344 tons of carbon dioxide emissions annually. ADB Director General for Private Sector Operations Suzanne Gaboury said ADB’s financing aims to drive progress and advance sustainable energy solutions in Bangladesh. The long-term financing will help promote private sector involvement in developing renewable energy in the country, while addressing the critical capital needs of renewable projects,” she said. She also mentioned that ADB is pleased to collaborate with JPL, which has demonstrated pioneering expertise and innovation in Bangladesh's renewable energy sector, to advance sustainable solutions. Renewable energy comprises only 4.5% of Bangladesh’s total power capacity. ADB cuts Bangladesh's growth forecast to 5.1% for FY 2024-25 amid political and economic challenges JPL Managing Director Nuher Latif Khan said that collaborating with a globally respected financial institution like ADB underscores JPL's commitment to sustainability and represents a major milestone in our pursuit of sustainable growth in renewable energy initiatives. JPL was established in 2010 and is part of Expo group, a Bangladesh-based conglomerate that has a range of businesses, including renewable energy, international logistics, freight forwarding, and infrastructure development. LEAP 2 is an ADB-managed fund with a $1.5 billion commitment from the Japan International Cooperation Agency. It focuses on sustainable private sector infrastructure projects that reduce carbon emissions, improve energy efficiency, and provide affordable health care, education, and communication services to ADB’s developing member countries.

The Asian Development Bank (ADB) will support Bangladesh in tackling novel coronavirus (COVID-19) outbreak challenges, ADB Country Director for Bangladesh Manmohan Parkash said.   Parkash had talks with Finance Minister AHM Mustafa Kamal in this regard recently, according to a media statement issued Saturday.   The discussions included the government’s preparedness for mitigating any potential outbreak, its economic impact, and possible ADB support following a government request for assistance.    Bangladesh has requested ADB to provide assistance to help tackle challenges of a potential COVID-19 outbreak in the country, Parkash said, noting that as a long-standing development partner, ADB is committed to assist Bangladesh in this difficult time.    “We have initiated the process of quickly exploring the financing modality and other details in close coordination with the government and other stakeholders,” he said.   The global public health emergency, which has been dubbed a pandemic by the World Health Organization, calls for urgent measures to respond to the disease as well as tackling its economic fallouts.   ADB has recently announced $6.5 billion initial package to address the immediate needs of its developing member countries as they respond to the pandemic.    ADB’s previous responses to COVID-19 include $200 million made available through its Supply Chain Finance Program for companies manufacturing and distributing medicines and other items needed to combat coronavirus.    ADB’s response to date also includes $2 million announced on February 7 to enhance detection, prevention, and response in China and the Greater Mekong Subregion; another $2 million announced on February 26 to support response in all its developing members; and $18.6 million private sector loan, signed on February 25, to China-based pharmaceutical distributor Jointown Pharmaceutical Group Company Limited to support the continued supply of essential medicines and personal protective equipment.    Another grant of $600,000 was provided to Sri Lanka on March 13.

The Asian Development Bank (ADB) said on Friday it has approved the establishment of ADB Ventures, a new venture platform that will support and invest in startups offering impact technology solutions that contribute to the achievement of the Sustainable Development Goals (SDGs) in Asia and the Pacific.