DHAKA: The Bangladeshi government and the World Bank have signed an agreement as additional financing for enhancing the power transmission network in the eastern region project amounting to SDR (an international reserve asset) 22.9 million (equivalent to 30 million U.S. dollars).

Md Shahriar Kader Siddiky, secretary of Bangladesh’s Economic Relations Division (ERD), and Gayle Martin, acting country director of the World Bank, signed the agreement on behalf of their respective sides here Thursday.

Power Grid Bangladesh is implementing the project, which aims to meet the growing demand for electricity in parts of southeastern Bangladesh. According to a statement of Bangladesh’s ERD, the initial financing agreement of this project, amounting to 450.64 million dollars, was signed in April 2018 under the scale-up facility of the World Bank. Subsequently, a total of 50 million dollars was repurposed for COVID-19 projects.

Against this backdrop, additional financing of 30 million dollars is now needed from the World Bank for the successful completion of the project.