Bangladesh is set to receive a €395 million loan from the European Investment Bank (EIB) to boost its transition to renewable energy. Of this amount, €45 million will be granted by the EU, while the remaining €350 million will be a loan. The loan agreement is scheduled to be signed in Belgium, and Prime Minister Sheikh Hasina is expected to attend. Bangladesh has been working on renewable energy adoption and has attracted foreign investments, including a significant solar power plant.
This loan is the largest financing agreement to date between the EIB and Bangladesh, taking their total support to €800 million. The specific projects to be funded have not been finalized yet. Bangladesh aims to generate 4,100MW of renewable energy capacity by 2030 and cut carbon emissions by 89.47 million tonnes by 2030 as part of climate efforts.