'Separate fund for energy sector within this fiscal yr'

The government will create a Tk 1,000 crore revolving fund to finance the commercially viable projects of the energy and power sector within the current fiscal year.

“We are going to create a separate fund, which is purely different from the 'Gas Development Fund', to finance the fast-track projects of the energy and power sector that would also lessen the dependence on budgetary allocation,” Adviser to Prime Minister Tawfiq-e-Elahi Chowdhury told a press briefing here yesterday.

Following a brainstorming session with the energy and power sector officials, he said the country needs huge resources to implement the robust plan in the energy and power sector.

“To chalk out the plan, we sat yesterday and we will sit with the representatives of organisations, which have been identified as sources of resources for this revolving fund,” Tawfiq added.

The adviser said World Bank, Asian Development Bank (ADB), nationalised banks and the non-resident Bangladeshis (NRBs) side by side with issuance of bonds and offloading shares of the state-owned entities (SOEs) would be sources of the revolving fund.

Officials of the power, energy and mineral resources ministry said the country needs around $12 billion to implement its ongoing projects under the energy and power sector.

Speaking on how to address the financial constraints while implementing the ideas in this vital sector, Tawfiq said the government has taken various steps to mitigate the nagging power and energy crisis in the country.

“But it will take time to get the results of those projects as it will take a few years to implement any idea of this sector,” he further said.

Energy Secretary M Mohsin and Acting Chairman of Petrobangla Muktadir Ali were present.