Economy
Bangladesh Eyes World Bank Backing to Export Electricity to Nepal
In a significant move, Nasrul Hamid, the State Minister for Power, Energy and Mineral Resources, has reached out to the World Bank for collaboration in constructing power transmission lines connecting Nepal and Bangladesh. The aim is to facilitate electricity export to Nepal during the winter months. During a meeting with Pankaj Gupta, the World Bank’s South Asia Infrastructure Regional Director, Hamid expressed his hope for the World Bank’s financial backing and consultancy services for this ambitious project. Hamid underscored the pivotal role the World Bank could play in broadening their cooperative efforts. The process of importing electricity from Nepal is reportedly in its final stages.
The discussions encompassed a range of mutually beneficial topics, such as Strategic Policy Dialogue, Future Engagement, and the Power and Energy Sector Portfolio. The import of electricity from Nepal and Bhutan, cross-border energy trade, electric mobility, renewable energy integration, as well as advancements in battery technology and energy security were key areas of focus.
The World Bank’s South Asia Regional Director conveyed the institution’s keen interest in collaborating with Bangladesh on diverse projects. He highlighted the bank’s willingness to fund initiatives related to energy security, renewable energy, energy efficiency, and the involvement of private entities in financing and participation. The urgent need to accelerate the gas metering project also received emphasis.
Hamid placed particular emphasis on the ongoing and upcoming projects backed by the World Bank. Notably, he shared details about the establishment of a power hub in Bangladesh’s southern region, outlining the requisite funding for transmission infrastructure and the preparation of smart grids. Additionally, he informed about the completion of wind mapping and the approval for generating around 10,000 MW of renewable energy. Investments in these sectors were highlighted as critical.
Furthermore, Hamid revealed a proactive initiative to replace antiquated gas pipelines with modern counterparts. The meeting saw the participation of key figures including Janendra Nath Sarkar, Chairman of Petrobangla, Humayun Kabir, Additional Secretary of Energy and Mineral Resources Division, Nurul Alam, Additional Secretary of Power Division, as well as World Bank representatives including Energy Practice Manager Simon J. Stolp and Operations Manager Gayle Martin. The outcome of this meeting signals a promising trajectory for collaborative efforts between Bangladesh and the World Bank in shaping the region’s energy landscape.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
