Korea-Bangladesh Joint PPP Platform bears another fruit
The Ministry of Land, Infrastructure and Transport (MOLIT, Minister NOH Hyeong-ouk) held the 4th Korea-Bangladesh Joint Public-Private Partnership (PPP) Platform Meeting on March 2nd at KIND headquarters in Seoul, and announced that Team Korea secured the priority rights for the Bangladesh Purbachal New Town Power Distribution Network Construction·Operation Project worth 700 million dollars.
The Meeting was attended by Mr. Seong-won Yun, Vice Minister for Land and Infrastructure of MOLIT, and by Ms. Sultana Afroz, Secretary and CEO of the Public Private Partnership Authority of Bangladesh (PPPA), representing Korea and Bangladesh respectively, who reaffirmed the strong will for cooperation between the two countries .
Through the Purbachal New Town Power Distribution Network Construction·Operation Project , Bangladesh aims to ensure stable supply of electricity to Purbachal New Town located near the Bangladeshi capital, Dhaka. The Project will apply smart technologies to the power distribution management system to reduce distribution losses and minimize outage time.
Based on the priority rights awarded at the 4th Meeting of the Joint PPP Platform, Team Korea will conduct a feasibility study to develop the optimal PPP project model, and embark on the Project after discussing specific project requirements with the Bangladeshi government.
The Korea-Bangladesh Joint PPP Platform was formed in April, 2019, based on a memorandum of understanding concluded between KIND and the PPPA.
Team Korea has secured priority rights on four projects* worth 10.2 billion dollars in the three previous meetings of the Korea-Bangladesh Joint PPP Platform.
(1st Meeting, July 18, 2019) The Bangladeshi side explained the G2G PPP project development process and made project proposals
(2nd Meeting, Jan 16, 2020) Team Korea won priority rights for three projects
- Dhaka-Mymensingh Expressway($500M), Dhaka Circular Railway($8.5B), 400kV Transmission Line($200M)
(3rd Meeting, Nov 18, 2020) Team Korea won priority rights for one project
- Meghna Bridge($1B)
The feasibility study for the Meghna Bridge project is at its final stage, and the following schedule for project commencement will be determined through consultation with the Bangladeshi side, such as by holding a feasibility study report meeting in Bangladesh. The projects on Dhaka-Mymensingh Expressway and Dhaka Circular Railway are currently going through feasibility studies conducted by Team Korea.
MOLIT Assistant Minister for Infrastructure Affairs Hyuck-jin Kwon said, “Going forward, MOLIT will promote application of G2G cooperation-based investment development models to Korean companies’ overseas infrastructure projects.”
Mr. Kang-hoon Lee, CEO of KIND, said, “As a reliable supporter of Korean companies, KIND will make continued efforts to identify new projects and secure priority rights for more projects, providing a stable foundation for Korean companies in winning projects overseas.”
Please refer to the attached PDF.