Economy
Beximco Urges Govt to Shield Solar Plant from Mob Attacks
Beximco Group has urgently appealed to Chief Adviser Muhammad Yunus to safeguard Teesta Solar Limited—the country’s largest solar power facility—from potential mob attacks. Teesta Solar, a subsidiary of the business conglomerate owned by Salman F Rahman, faces heightened risks amidst growing tensions.
In a letter issued by Osman Kaiser Chowdhury, Beximco’s Director of Group Finance and Corporate Affairs, the company stressed that any damage to the 200MW solar park could jeopardize its ability to repay loans obtained via Sukuk bonds. Chowdhury urged the Chief Adviser’s Office and law enforcement agencies to bolster security to prevent possible destruction.
Salman F Rahman, the business tycoon who previously served as Sheikh Hasina’s adviser on private industry and investment, has been under arrest since last month, following multiple remands linked to his alleged involvement in the deaths during the student-led uprising that ousted Hasina’s government on 5 August.
The letter detailed how a mob had already attempted to attack the solar plant on 7 September in Latshal, Sundorganj, Gaibandha. Chowdhury warned of further planned attacks, citing growing unrest among local residents who have accused Beximco of land seizures and other irregularities associated with the project.
The letter highlighted that the unrest could severely disrupt the plant’s operations, potentially leading to a complete shutdown. Such an event could hinder the company’s ability to supply electricity to the Bangladesh Power Development Board (BPDB) and compromise its financial commitments to Sukuk bondholders. Beximco warned that any significant damage could also result in job losses and breach of contractual obligations.
Recent protests by local residents, including a long march and a human chain, have intensified tensions in the area. Protesters claim Beximco forcibly took land from farmers at gunpoint under the guise of developing the solar power project. They also allege widespread corruption during the plant’s construction, which has negatively impacted the Teesta River.
Teesta Solar, operational since December 2022, contributes 200 MW of power daily to the national grid under a 20-year contract with BPDB. The project, covering 650 acres of land and costing Tk3,000 crore, remains a vital part of Beximco’s green energy investments, with Tk1,800 crore raised through green Sukuk bonds for its development.
Despite the plant’s importance to the national grid and the financial markets, Beximco has voiced concerns over the escalating situation, calling for immediate intervention to avert further crises.
Repeated attempts to contact Osman Kaiser Chowdhury for further comment went unanswered.
In a significant development today, September 17, the World Bank announced its intention to mobilize approximately $2 billion in new financing for Bangladesh within the current fiscal year. This substantial financial support aims to bolster critical reforms, enhance flood response, improve air quality, and strengthen the health sector.
During a meeting with Chief Adviser Dr. Muhammad Yunus at the State Guest House Jamuna in Dhaka, the World Bank’s Country Director, Abdoulaye Seck, affirmed the institution’s commitment to increasing its lending to Bangladesh. Seck emphasized the bank’s dedication to expediting support for the Interim Government’s reform agenda. “We are committed to assisting as swiftly and extensively as possible,” Seck stated, underscoring the bank’s focus on addressing the country’s pressing financial needs.
In addition to the new commitments, Seck revealed that the World Bank plans to reallocate approximately $1 billion from existing programs, following consultations with the Bangladeshi government. This move is in response to appeals from Chief Adviser Yunus to international development partners for enhanced support. The repurposing of these funds, combined with the new financing, is expected to elevate the total financial assistance to Bangladesh this fiscal year to around $3 billion.
Seck highlighted that the successful implementation of the proposed reforms is crucial for Bangladesh’s future, particularly for the nation’s youth, with approximately two million individuals entering the job market annually. Chief Adviser Yunus expressed the need for the World Bank’s flexibility in funding reforms and assisting in a new era of governance after 15 years of what he described as “extreme misgovernance.”
Yunus emphasized the necessity for a significant push to rebuild and create new structures from the current challenges. “We need your support to help us build anew and focus on the aspirations of our students,” he urged, calling on the World Bank to be a collaborative partner in this transformative journey.
The Asian Development Bank (ADB) has named Hoe Yun Jeong as its new Country Director for Bangladesh. Jeong will oversee ADB’s operations and lead policy discussions with the interim government, development partners, and stakeholders. He will also begin preparations for ADB’s upcoming Country Partnership Strategy (CPS) for Bangladesh, as the current strategy ends in 2025.
“I am eager to collaborate with the interim government and the people of Bangladesh to restore economic stability and implement necessary reforms for sustained growth,” Jeong stated, emphasizing the need for inclusive and climate-resilient development.
With 25 years of experience, including 15 years at ADB, Jeong has held senior roles in South Korea’s Ministry of Strategy and Finance and served in ADB’s India Resident Mission, where he played a key role in coordinating support for India’s G20 Presidency.
Bangladesh, a member of ADB since 1973, has received $61 billion in loans and grants from the bank. ADB’s current portfolio in Bangladesh includes 53 projects worth around $13 billion, with priorities spanning energy, infrastructure, education, and agriculture.
The Bangladesh Meteorological Department (BMD) has forecast light to moderate rainfall or thundershowers with temporary gusty winds in all eight divisions over the next 24 hours, starting from 9 am today.
According to the BMD, light to moderate rain or thundershowers, accompanied by gusty winds, are expected at a few places in Chattogram and Sylhet divisions, and at one or two places in Rajshahi, Rangpur, Dhaka, Mymensingh, Khulna, and Barishal divisions. Some areas may experience moderately heavy rainfall.
Additionally, both day and night temperatures may rise by 1 to 3 degrees Celsius across the country. On Monday, Sylhet recorded the highest temperature of 35.8 degrees Celsius, while today’s lowest temperature was 24.0 degrees Celsius in Rangamati, Chattogram Division.
In the past 24 hours, rainfall was recorded at 86 mm in Kumarkhali, Khulna Division. The sun is set to go down at 6:00 pm today in the capital, with sunrise expected at 5:46 am tomorrow.
