Saudi Arabia is set to invest $ 2.5 billion in the Bangladeshi power sector to install a 3,600 megawatt power plant.
The Power Development Board (PDB) and Saudi Arabian company Aqua Power signed memorandum of understanding for the projects in Thursday (Oct 16).
Although the location of the plant will be decided after a feasibility survey, the most likely locations are Moheshkhali or Payra.
Private Industry and Investment Advisor Salman F Rahman who was present at the celemony said, “Energy is the driving force of economy. This sector has flourished extraordinarily in Bangladesh.”
He added that it will take another four to five years to implement the project and hoped that the agreements will soon be inked.
“We need more investment if we want to graduate to a developed nation,” said Power, Energy and Mineral Resources State Minister Nasrul Hamid.
He said that this investment will strengthen the bilateral ties between Bangladesh Saudi Arabia further.
Aqua Power Chairman Mohammad Abu Nahyan said that the power plant that will be set up will be of state-of-the-art technology