Power ministry, JBIC to cooperate on infrastructural development

The Japan Bank for International Cooperation (JBIC) has signed a memorandum of understanding (MoU) with the Ministry of Power, Energy and Mineral Resources to finance infrastructural development.

The agreement was signed during a virtual meeting at the ministry on Thursday.

State Minister for Power, Energy and Mineral Resources Nasrul Hamid signed the agreement on behalf of the ministry while JBIC Deputy Governor Nobumitsu Hayashi signed on behalf of his organisation.

Nasrul Hamid said that for Bangladesh, Japan is a tried and tested friend as a development partner.

“JICA has been cooperating with Bangladesh since 1984 through investment in power, generation, transmission, distribution, underground distribution system, power transmission system in char or remote area, etc.

“We always welcome the use of advanced technology,” the state minister added.

Welcoming the MoU, Nobumitsu Hayashi said Bangladesh is a country with a growing economy.

“The size of the market is gradually increasing. Japanese companies and businessmen are increasingly interested in working in Bangladesh. This MoU will further strengthen the existing relationship between Bangladesh and Japan,” he said.

The MoU covers cooperation and financing in various sectors including LNG and gas value chain, renewable energy, hydropower and energy efficiency, power and energy transmission and distribution system, waste to power, etc.

Among others, Energy and Mineral Resources Division Senior Secretary Md Anisur Rahman, Bangladesh Ambassador to Japan Shahabuddin Ahmed, Chairman of Petrobangla ABM Abdul Fattah, Chairman of BPC Abu Bakar Siddique, and Ambassador of Japan to Bangladesh Ito Naoki were present at the virtual meeting.