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China to Provide 74 Mln Dollar Credit to Bangladesh
China National Electric Wire and Cable Import/Export Corporation Wednesday agreed to provide a supplier's credit amounting to 74 million U.S. dollars to the government of Bangladesh.
In this connection a loan agreement has been signed here Wednesday between the Chinese corporation and the Economic Relations Division (ERD) under the Bangladeshi Ministry of Finance.
Song Yueming, President of China National Electric Wire and Cable Import/Export Corporation and Masihur Rahman, Secretary of ERD, signed the agreement on behalf of their respective side.
Chinese Ambassador to Dhaka Wang Chungui also attended the signing ceremony.
The loan will be utilized for the implementation of Rehabilitation, Renovation and Augmentation of 29 Nos. 132 KV Grid Substations and 819 kilometers 132 KV Transmission Lines Project under Bangladesh Power Development Board.
The main objectives of this project, which will be constructed at a cost of 108 million dollars, are to enhance the capacity of existing 15 grid substations and renovation of 14 more substations in the country, and to renovate existing 819 kilometers 132 KV transmission line to increase transmission capacity reduction of system loss. The project will be completed in 2002.
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