Diplomatic Correspondent

The French Development Agency (AFD) will provide a loan of 100 million euros to Bangladesh for reinforcing its role as an active participant in the search for and use of advanced digital solutions in power and energy sector in the country.

This support comes via AFD’s concessional sovereign loan and will go towards financing the project titled “Construction and Augmentation of Substation and Installation of the Capacitor Bank in Power System under DPDC”.

A credit facility agreement from AFD worth 100 million euros was signed between Fatima Yasmin, secretary of the Economic Relations Division, and Benoit Chassatte, AFD country director for Bangladesh, and French Ambassador to Bangladesh Jean-Marin Schuh, said French embassy in a statement yesterday.

In addition, a Grant Facility Agreement for a delegated grant from the EU Alternative Investment Fund worth 12 million euros will be signed in the beginning of next year.

AFD’s loan aims to equip existing infrastructure with new, innovative and reliable technologies in order to ensure services are prepared for the future.