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$121m WB loan for gas development project

BySYBakht
The World Bank has approved a 120.8-million US dollar soft-term loan as part of the 171.7-million dollar gas-sector infrastructure development project (GIDP).
Ilie project includes setting up of the Ashuganj-Bak-hrabad inter-connector pipeline. drilling of three new gas wells in Rashidpur and a gas processing plant.
The World Bank's soft-term lending arm. tlie international. Development Association (IDA), extended the credit in the United States capital Washington on Tuesday last.
According to official sources, the United Kingdom would also provide a 26.9 million dollar ODA fund for the profrev Whi^.hr remahider wouid be provided by the gov-rriMHeiii.
The two-year WB project is being seen as "extremely critical" in improving the overall gas transmission system to meet the increasing demand in the country. It would end a long delay in completing the necessary development of infrastructure in the gas sector, which has resulted in a major supply constraint.
The World Bank component of the loan is designed to increase the availability and reliability of gas supplies. The Bank also set some preconditions for the loan to bring about reforms and greater pri-vate'sector participation in the country's energy sector.
The GIDP is designed lo alleviate gas supply shortages and SHo-o tMpro^in ..,an» sgement of Ihe gas sector, in-
eluding allowing greater de centralisation ol the state owned eas companies. said an official at tin- Banks resident mission.
The pro|eci would greatly alleviate gas supply ron attaints specially to the southern zone where the gas-based Kamaphult Fertilizer Company (Kafco) was recently commissioned The over 500 million dollar joipt venture company requires 62 million cubic feet of gas per day
Tlx governnxnt bae. alreadv Initiated a number of reform measures in line with the Bank’s recommendations and the Energy Ministry has signed (in production sharing contrail' with loreign companies, four on oil ,ii■ gas exploration aal oik -iii power uctierallon
A scries »| steps was also inilialeil to sireuglhiu ihe institutional and financial position of the three state-owned gas companies, allowing the Titas. Jalalabad and Sylhet gas companies to retain a greater share of the gas revenue for meeting their development needs. The government has agreed to lower the percentage of gas revenue deposited by the companies with the na tional exchequer to 55 per cent from the existing 62 |xr cent, which was earlier rc
duced from 75 per cent in
The IDA credit would provide i'unds for connecting the country's two gas transmission sub-systems by constructing' a 58-kilometre pipeline from Ashuganj to Bakhrabad. The credit will cover drilling of three new wells in the Ras hidpur gas field, setting up of a gas processing plant also at Rashidpur and four technical assistance (TA) projects worth IO million dollars.
An administrative and pipeline iclecommunication system component of the project would be implemented with Ihe British fund.
The project would be Implemented by the newly set up Gas Transmission Company Limited. It would get expert help from a foreign company h execute the project under a two-million dollar TA component.
With a gas reserve of about 21 trillion cubic feet. Bangladesh has 17 gas fields. Gas accounts for some 60 per cent of the country's commercial energy needs.