Bangladesh to get EUR 400m in EU funds for renewables

The European Investment Bank (EIB) has agreed to extend a financing package to the government of Bangladesh that would contribute to the installation of 750 MWp of new renewable energy capacity in the South Asian country.

Specifically, EIB will provide an EU-guaranteed loan of EUR 350 million (USD 369m) alongside a blending support package of EUR 45 million that includes technical assistance and an investment grant.

The European Commission announced the agreement on Wednesday and noted that the renewable energy projects being supported, mainly solar and onshore wind, will help boost access to energy and rural development throughout the country. An accompanying Green Energy Transition project valued at EUR 12 million will focus on policy, legal framework and investment climate.

The financing deal comes as EC president Ursula von der Leyen and Bangladesh’s prime minister, Sheikh Hasina, started negotiations on a new partnership and cooperation agreement between the EU and Bangladesh. An additional package of EUR 70 million was signed to support the country’s education sector, decent work, green construction, digital governance, and the prevention of gender-based violence.

(EUR 1.0 = USD 1.054)

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