Dhaka: The World Bank (WB) has approved $59 million in financing to help Bangladesh meet the increasing demand for electricity by improving the reliability and efficiency of the entire power system, from electricity generation to transmission.

The Power System Reliability and Efficiency Improvement Project will reduce power outages and load-shedding, as well as cut electricity generation costs, WB release said on Thursday.

The WB said the target would be achieved by modernising the electricity generation processes and practices, with installation of new software and hardware as well as upgrades to the transmission system. The project will also lower greenhouse gas emissions by reducing the use of carbon-intense fuel in electricity generation.

It also said that in the last five years, Bangladesh almost doubled its electricity generation capacity to meet increasing demand for electricity, but required further development.

‘The project will help address bottlenecks and modernise the overall power system. This will reduce outages, save fuel in power generation, and help bring affordable and reliable electricity to households and businesses,’ said Qimiao Fan, World Bank Country Director for Bangladesh, Bhutan and Nepal.