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Japan provides $1.18b loan

Funds for Matarbari coal-fired power plant, 4 other projects

Staff Correspondent
Japan yesterday gave Bangladesh $1.18 billion in loans for Matarbari coal-fired power plant and four other projects as the Asian economic giant seeks to deepen its ties with the country.
Of the amount, $406 million will be spent only to build the power plant, part of a $4.4 billion project on the Matarbari Island of Cox's Bazar, according to a deal signed between Japan International Cooperation Agency (Jica) and the Economic Relations Division (ERD).
Jica will lend Bangladesh $3.74 billion in phases for the mega project in fulfilling an earlier commitment.
Bangladesh and Jica have identified Matarbari, located 60km south of Chittagong city, as the tipping point for cartying out the Bay of Bengal Industrial Growth Belt Initiative (BIG-B).
"This island and the surrounding area have all the potential to become completely transformed into an integrated industrial and trading hub, as well as a central energy base," said Jica President Akihiko Tanaka at the loansigningceremony at Sonargaon Hotel in the capital.
The project has two components: a l,200MW power plant, which, according to him, will be the world's most efficient and environment-friendly plant, and the first ever deep sea port in Bangladesh.
"Eventual expansion of the Matarbari plant will likely include power plants adjacent to the planned units, construction of coal centres to sendee other coal-fired power plants and even construction of an LNG (liquefied natural gas) terminal," Tanaka said.
Besides, Bangladesh and Jica are in talks to make a comprehensive master plan of the area, including Chittagong and Cox's Bazar.
"This will further materialise the shape of BIG-B," the Jica chief said.
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He also said implementation of all the projects, under Japan's 35th official development assistance loan package, and BIG-B would pose a series of challenges to Bangladesh.
"But they also present an unprecedented opportunity for change. There is much sea for Bangladesh to sail across, but Jica will always be with you. Let us set out on a new voyage for a brighter future," Tanaka said.
The power plant at Matarbari will start supplying electricity to the national grid by 2022, according to a press release of the ERD.
Jica and ERD signed four other projects.
As per one of the agreements, Japan will provide $231 million for a project aimed at enhancing the efficiency of gas use to ensure gas supply for vital economic growth.
Jica will also lend $300 million for the development of five city corporations - Rangpur, Gazipur, Narayanganj, Comilla and Chittagong - through reform of governance, city planning and infrastructure construction.
The $149 million signed for a haor flood management and livelihood
improvement project will be used to construct flood management facilities and rural infrastructures in haor areas to boost vulnerable farmers' livelihood.
Jica will also lend $97 million in the form of agricultural loans and agricultural training services to be provided through microfinance institutions to increase productivity and diversity of marginal farmers.
Mohammad Mejbahuddin, secretary of ERD, and Mikio Hataeda, chief representative of Jica, penned the deal.
Speaking at the event, Finance Minister AMA Muhith recalled Japan's role soon after the birth of the country in 1971 and in the last four decades.
Jica is the largest single bilateral development partner of Bangladesh and most generous one among all development partners in providing loans.
The loans have been provided at only 0.01 percent interest per annum and with 40-year repayment period and 10-year grace period.
In the last 41 years, Tokyo has given Bangladesh more than 1 trillion Japanese yen ($9.81 billion) in loans, 500 billion yen ($4.9 billion) in grant and 65 billion yen ($638 million) in technical cooperation.