Swiss and Chinese ECAs asked to fund bloated Bangladesh power plant costs

(The Finacial Express, Dhaka, 29 November 2014) Nearly 40 per cent of the Tk 25.19 billion (US$323.4 M) sought for a proposed power sector project are set to be spent for less-important matters, including purchase of vehicles and foreign training, officials said Wednesday. Such huge spending of the project money on ancillary things has given rise to questions about proper cost estimation and economic viability of the project, they said... Power Division officials said the PDB signed deal with Swiss company Alstom and Chinese company CMC on January 12 this year for the re-powering of the Ghorashal 3rd power unit... The PDB has also selected the Swiss Export Credit Agency (SERV) and the China Export and Credit Insurance Corporation (SINOSURE) for borrowing Tk 20.19 billion ($259.75 million) buyer's credits.