Bangladesh will receive a$600-million loan from the World Bank in order to improve electricity supplies to rural areas, in order to reduce poverty and create jobs, the multilateral lender said in a statement on Saturday.
The loan was approved by the World Bank’s board a day earlier. The credits from the International Development Association (IDA), the World Bank’s concessionary arm, have 40 years to maturity with a 10-year grace period and carry a service charge of 0.75 per cent.
Mohammad Saiful Islam, a director of the Bangladesh Power Development Board, told Reuters; “The project will contribute to improving the quality and reliability of power supplies to 25m people in rural Bangladesh.” Around 80pc of Bangladesh’s 160m people live in rural areas. The World Bank estimated that nearly 75m of them lacked access to electricity.
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