The government has approved the Ghorasal 365-megawatt (MW) power plant. Presided over by the Prime Minister Sheikh Hasina, the Executive Committee of the National Economic Council (ECNEC) on 8th April in Dhaka endorsed the Ghorasal power station project at a cost of Tk 25.11 billion (US$306.32 million) and three other projects with a combined outlay of of Tk 2.82 billion.
ECNEC members including finance minister AMA Muhith, industries minister Amir Hossain Amu, agriculture Minister Begum Matia Chowdhury and officials concerned attended the ECNEC meeting.
The government will borrow Tk 16.53 billion (nearly $202.5 million) from the Chinese ICBC Bank on hard terms and conditions to set up the gas-fueled plant at Ghorasal in Narshingdi. The rest of the money will come from the government exchequer and the BPDB’s own funds for installing the plant by December 2016.
According to the terms and conditions, the ICBC bank will provide the loan at a rate of LIBOR plus 3.5 per cent. The bank will charge 1.50 per cent as arrangement fee, 1.0 per cent as commitment fee and 7.0 per cent of the total credit amount export credit insurance fee (one time), officials said. The loan will have to be repaid by the BPDB in 10 years with a five-year grace period, they said.
The ECNEC also approved Tk 541.1 million “Setting up of the Autistic Academy”, Tk1.28 billion cost “Establishment of National Institute of Advanced Practice Nurses in Bangladesh” and Tk 995 million cost “Setting up of National Science and Technology Institute” projects at its meeting.