Country's liquefied natural gas (LNG) import financing is set to get an impetus from this month (November) with the availability of fiscal support from World Bank (WB).
The WB's US$350-million support under its Energy Sector Security Enhancement Project (ESSEP), aimed at improving Bangladesh's gas supply security facilitating affordable financing for LNG imports, is expected to get rolling from this month, said a Petrobangla official.
"We are now carrying out paper works with the selected banks to facilitate LNG imports, secured by a repayment guarantee from the WB," said the senior official of state-run Petrobangla.
The step aims to safeguard Bangladesh's future energy supplies and ease pressure on foreign exchange reserves, he mentioned.
The World Bank board approved the project in late June, which will leverage an International Development Association (IDA) guarantee to mobilize up to $2.1 billion in private capital over the next seven years to support LNG imports.
