MNA Business Desk: The Asian Development Bank (ADB) has approved $583 million in debt financing and partial risk guarantees for the Reliance Bangladesh Liquified Natural Gas (LNG) and Power Project.
The project, which is composed of a power generation facility in Meghnaghat and an LNG terminal near Cox Bazar’s Kutubdia, ADB said in a statement. The total cost of the project is about $1 billion.
“ADB’s partnership with Reliance Power will help Bangladesh scale up its energy infrastructure to sustain and support the country’s economic growth,” said Michael Barrow, director general of ADB’s Private Sector Operations Department.
“ADB’s role as a direct lender and guarantee provider will enable Reliance Power to mobilise much-needed long-term debt financing and help attract new lenders to Bangladesh.”
The ADB support will help to produce approximately 750 MW of the 3,000 MW power capacity Reliance Power is looking to create in Bangladesh.