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Bangladesh Bank forms USD-200m Green Transformation Fund

Solar Farm. Author: Michael Mees meesphotography.com License: Creative Commons, Attribution 2.0 Generic

January 18 (SeeNews) - The Central Bank of Bangladesh last week announced the launch of a USD-200-million (EUR 183m) “Green Transformation Fund” for the provision of low-cost loans to the export-oriented industries such as the textiles and leather sectors.

Sector players are expected to receive loans for renewable energy and energy efficiency in addition to water conservation and management, waste management, resources efficiency and recycling. Other sectors will also benefit from the fund at a later stage.

According to Bangladesh Bank governor Atiur Rahman, the lender also intends to issue a green bond of an undisclosed amount.

Bangladesh will aim to boost its installed renewables capacity to 3,168 MW by 2021 from just 176 MW at end-October 2015 as part of the newly unveiled governmental target for the sector, local media reported in November.

(USD 1.0 = EUR 0.918)

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