Business Desk :
The government signed a 120 million euro loan agreement with KfW Development Bank on Monday.
The Economic Relations Division, under the Ministry of Finance, signed the loan agreement on the “Modernisation of Power Distribution- Smart Grids Phase I”, said a press release.
“Modernisation of Power Distribution- Smart Grids Phase I” is a 120 million euro project aiming at modernising the distribution grid infrastructure in order to contribute to a safer and stable electricity supply and is part of German development cooperation.
Economic Relations Divisions Secretary Fatima Yasmin, KfW Development Bank South Asia Director Carolin Gassner, and KfW Bangladesh Director Anirban Kundu signed the loan agreement.
The project will increase energy efficiency and reduce losses in order to achieve a reduction of greenhouse gas emissions; and will be implemented by the Bangladesh Rural Electrification Board and the West Zone Power Distribution Co Ltd, the press release added.
