EU supports Bangladesh with €400m renewable energy funding

Bangladesh – one of the world’s most climate-vulnerable countries – is to receive €400m funding from the EU to develop its renewable energy industry.

The funding announced today between the EU and EIB (€395m) for renewable energy projects include an EU-guaranteed EIB loan of €350m, complemented by a blending support package of €45m that includes technical assistance and an investment grant.

In addition, an accompanying Green Energy Transition project worth €12m, which includes €7m that is co-financed by Germany, will work on establishing policy, legal frameworks and an investment climate to facilitate an inclusive green energy transition.

Sheikh Hasina, Prime Minister of Bangladesh, said, “We are confident that this initiative will enable developing countries such as Bangladesh to fight climate change, to address infrastructure gaps, invest in renewable energy, digital innovation, healthcare, education and much more.”

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