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Govt to introduce power bond in foreign market

The government has taken initiatives to introduce power bond in foreign bond market for funding power projects in Bangladesh.

"We want to collect $ 500 million for the Power Development Board (PDB) initially through introducing power bond in foreign bond market," Prime Minister`s Power, Energy and Mineral Resources Affairs Adviser  Tawfiq-e-Elahi Chowdhury said at a review meeting as the chief guest at Bidyut Bhaban on Thursday.  

State Minister for Power, Energy and Mineral Resources Nasrul Hamid joined the meeting as the special guest, while power division secretary Manowar Islam and PDB Chairman Md Shamsul Hasan Miah was also present in the meeting.

Standard Chartered Bank, HSBC Bank and City Bank made separate powerpoint presentation on power bond and its various segments in the meeting.

The adviser said that the government would launch power bonds from other companies, adding, "Ashuganj Power Company Limited has been collecting Tk 500- 800 crore from local market."

Meanwhile, the Investment Company of Bangladesh (ICB) is working in this regard, Tawfiq-e-Elahi Chowdhury said.

"We want to take Bangladesh to a position where power supply would not be stopped even for a second," State Minister for Power Nasrul said.

He said around $ 30 billion would be required to implement the existing plan, adding, "The power companies with their own resources could collect finance from stock markets instead of public or donor agencies finance."

Nasrul said the power companies would improve their capacity and transparency if they launch power bond in foreign markets and country`s image would be brightened abroad alongside branding Bangladesh through the initiative.

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