GS Engineering & Construction (E&C), South Korea announced in a statement that it will carry out a US$700 million power grid project in Bangladesh in partnership with Korea Overseas Infrastructure and Urban Development Corp. (KIND), which is under the Korean Ministry of Land, Infrastructure and Transport (MOLIT).
The project was approved as a public private partnership (PPP) project at the 4th Korea-Bangladesh joint PPP platform meeting held in Seoul on March 2.
The project involves establishing a power transmission line in the new city of Purbachal, 15 km away from Dhaka, the capital of Bangladesh. A smart power distribution management system will be set up along with a 25-km power distribution line and 12 substations.
The project budget is about US$700 million. GS E&C will hold the largest stake in the project. The Korean contractor will immediately carry out a feasibility study to expedite project development. It will operate and maintain the system for 25 years.
Bangladesh expects this project to contribute to lowering population density and improving housing supply in Dhaka by providing power stably.