ADB to provide $357m to develop power lines

The Asian Development Bank (ADB) will provide $350 million in loan and $7.5 million in grant for a project to develop two power lines in support of Bangladesh’s national target of electricity for all by 2021. Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam and ADB Country Director Manmohan Parkash signed the agreements on behalf of Bangladesh and ADB respectively, reports UNB.
In addition to a $350 million ADB loan, the assistances comprise a $7 million grant from the Japan Fund for the Joint Crediting Mechanism (JFJCM), which will finance new high-technology energy efficient conductors. Another $500,000 grant from the Republic of Korea e-Asia and Knowledge Partnership Fund (EAKPF) will promote socially inclusive growth with gender equality, according to the ADB. The project will develop a 126-km long 230 kilovolt (kV) transmission line from Barishal to Faridpur; and a 104-km long 400kV transmission line from Bagura to Rohanpur, along with substations, transformers, and associated extensions and connections. This climate change mitigation accounts for $93 million of the investment, comprising $86 million from the ADB loan and $7 million from the JFJCM grant.

Source: http://thefinancialexpress.com.bd/economy/bangladesh/adb-to-provide-357m-to-develop-power-lines-1536579787

9,000MW power to be imported by 2041

Prime Minister Sheikh Hasina yesterday said the government has planned to import 9000 MW electricity from neighbouring countries by 2041 to maintain the country’s high economic growth. She was addressing a ceremony marking the inauguration of 500 MW additional power supply from India to Bangladesh through Behrampore-Bheramara interconnection, reports UNB. Terming the power sector a crucial element of bilateral cooperation, Hasina said Bangladesh was importing 660 MW power from India while steps were taken to import 3,000 MW more. Referring to her government’s success in increasing the power generation capacity, the premier said the capacity has grown to 20,000 MW from 3,200 MW over the past nine and a half years. Speaking at the programme, Modi said India was proud to help Hasina realise the high goals, set by her, of transforming Bangladesh into a middle income nation by 2021 and a developed one by 2041, reports our New Delhi correspondent. The Indian premier said during his visit to Dhaka in June 2015, he had promised to supply 500MW to Bangladesh and today 1.15 gigawatts of power was being transmitted using the grids in West Bengal. He thanked West Bengal CM Mamata for this cooperation.

Source: https://www.thedailystar.net/country/hvdc-power-station-at-bheramara-in-kushtia-inaugurated-bangladesh-pm-sheikh-hasina-indian-pm-narendra-modi-mamata-banerjee-1631938

Gold edges lower as trade concerns lift the dollar

Gold prices edged lower for a second session on Monday as trade tensions between China and the United States helped to boost the dollar and weaken the yuan. US President Donald Trump said on Friday that he was ready to impose tariffs on virtually all Chinese imports, representing a further $267 billion of goods in addition to the $200 billion already facing potential duties, prompting a threat by China to retaliate. That gold is below $1,200 an ounce again is mainly to do with the dollar. Spot gold was down 0.1 percent at $1,193.93 at 1122 GMT, slipping towards the 19-month low of $1,159.96 touched last month. US gold futures were 0.1 percent down at $1,199. Gold has tumbled more than 12 percent from a high of $1,365.23 in April, mirroring a 10 percent fall in the value of the yuan against the dollar. We could see a first positive signal only if prices return above $1,200, with space for further recoveries to $1,210 and $1,230. In other precious metals, spot silver was up 0.6 percent at $14.19, platinum rose 0.9 percent to $785.70 and palladium was up 0.3 percent at $983.20.

Source: https://www.thedailystar.net/business/global-business/news/gold-edges-lower-trade-concerns-lift-the-dollar-1632073