JICA signs loan agreement with BSRMSL

Japan International Cooperation Agency (JICA) signed a loan agreement with BSRM Steels Limited (BSRMSL) of the People’s Republic of Bangladesh for private sector investment finance of USD 50M to fund the construction of an environmentally friendly steel plant, planned by BSRMSL in Mirsharai, Chattogram District. The project will be co-financed by the Export-Import Bank of India and Standard Chartered Bank, among other institutions.
In recent years, Bangladesh has been developing large-scale infrastructure such as metros, airports, and harbors with the help of Japan’s Official Development Assistance (ODA) loans and other sources of assistance. In addition, the construction of housing, commercial facilities, and hotels has become more active as average incomes have risen in the commercial sector. Steel products like rebar are essential materials for the construction of such infrastructure, and going forward, the demand for steel in Bangladesh is expected to grow at an annual rate of 15-20%.
This loan will support the construction of a new, environmentally friendly steel plant by BSRMSL in Mirsharai, Chattogram District, thereby increasing the steelmaking capacity in Bangladesh. The loan will promote environmental friendliness and reduce greenhouse gas emissions in the steel industry in Bangladesh through the introduction of solar power generation facilities, air pollutant management systems, and water treatment and reuse plants as ancillary facilities to the plant. In doing so, it will also contribute to the achievement of SDGs (Sustainable Development Goals) Goals 8 (Decent work and economic growth), 9 (Industry, innovation, and infrastructure), and 17 (Partnerships for the goals), among others.

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