Posted on 20 Oct 2023
The Japan International Cooperation Agency (JICA) signed a loan agreement on 17 October with BSRM Steels (BSRM) to fund the construction of a steel plant planned by BSRM in Mirsharai, Chattogram District, Bangladesh, JICA informs.
According to JICA, the agency will fund $50 million for the steel plant construction by BSRM, Kallanish notes.
The project will be co-financed by Standard Chartered Bank and the Export-Import Bank of India, among other institutions.
“In recent years, Bangladesh has been developing large-scale infrastructure such as metros, airports, and harbours with the help of Japan's ODA loans and other sources of assistance,” says JICA. “In addition, the construction of housing, commercial facilities, and hotels has become more active as average incomes have risen in the commercial sector.”
“This loan will support the construction of a new, environmentally friendly steel plant by BSRM in Mirsharai, Chattogram District, thereby increasing the steelmaking capacity in Bangladesh. The loan will promote environmental friendliness and reduce greenhouse gas emissions in the steel industry in Bangladesh through the introduction of solar power generation facilities, air pollutant management systems, and water treatment and reuse plants as ancillary facilities to the plant,” JICA adds.
“In doing so, it will also contribute to the achievement of SDGs (Sustainable Development Goals) Goals 8 (decent work and economic growth), 9 (industry, innovation, and infrastructure), and 17 (partnerships for the goals), among others,” JICA concludes.
Source:Kallanish
