Bangladesh will receive $110m from the Kuwait Fund for Arab Economic Development (KFAED) for its food and energy sectors, a senior official said on Tuesday.
“The lion’s share of the money will go for the development of the power and energy sector, and the rest for food security,” said Musharraf Hossain Bhuiyan, secretary of the economic relations division of the ministry of finance.
“We signed a deal today (with KFAED) to get the fund as a grant,” he told Reuters.
About $100m will be used to implement a 225-megawatts dual-fuel combined cycle power plant at the port city of Chittagong.
The remaining funds will be disbursed among farmers and small agro-based industries through Non-Government Organisations, Musharraf said.