Korea to handle $700 million Bangladesh power grid projectKorea has won the exclusive rights to push ahead with a $700 million power infrastructure project in Bangladesh, the transport ministry said Wednesday.
The country will be in a primary position to plan the project to build a smart grid system in Purbachal aimed at assuring a stable power supply in the newly developed city, some 15 kilometers (9.3 miles) northeast of Dhaka, Bangladesh's capital, the Ministry of Land, Infrastructure and Transport said in a statement.
Korea will conduct a feasibility study on the project first, before discussing the conditions and other details of the project with the Bangladeshi government.
The decision was announced at the meeting earlier in the day between the Korea Overseas Infrastructure and Urban Development Corporation (KIND) and Bangladesh's Public Private Partnership Authority.
Launched in 2018, KIND is the state agency that supports Korean companies in "project planning, feasibility studies, project information and bankability," its website said.
KIND and Bangladesh's Public Private Partnership Authority signed a memorandum of understanding in April 2019 for cooperation in developing infrastructure in Bangladesh, according to the ministry.
Under the MOU, Korea has so far won the exclusive rights to proceed with four separate infrastructure projects worth $10.2 billion.
"Based on intergovernmental cooperation, the government will continue to expand this investment business model for more infrastructure projects overseas," Kwon Hyuk-jin, director general for urban policy at the ministry, said.