Abu Dhabi Fund for Development (ADFD) said the one of its key energy projects in Bangladesh - Sikalbaha Power Station - is nearing completion with 90 per cent of the works already completed.

With the construction works ahead of schedule, the power plant is expected to open by the end opf this year, said a statement from ADFD.

Phase One – an open-cycle gas turbine generator – has already been completed and is capable of producing up to 150 megawatts of electricity, it stated.

ADFD and Bangladesh enjoy close ties dating back to 1976. Over the past four decades, the Emirati firm has funded eight developmental projects worth Dh692 million ($188.3 million), covering key socio-economic sectors, such as transport, communications, agriculture, irrigation, electricity, water and mining.

The Abu Dhabi Fund dispatched a delegation to Bangladesh to review the current status of Sikalbaha Power Station and its other project - the South Asia Subregional Economic Cooperation (Sasec) road development.

In 2011, ADFD allocated a concessionary loan worth Dh115 million to finance the project that aims to strengthen and stabilise the national grid, and meet Dhaka’s energy needs. Moreover, the funding contributed to the construction of new 225-megawatt generators.

On the Sasec Road Connectivity Project, ADFD said it had committed an Dh110 million concessionary loan in 2013 to finance the project.

Road developments and transportation infrastructure works have been underway since March 2016 and are now 22 per cent complete.

All project work has been carried out in accordance with pre-set agreements and timelines between ADFD and the Bangladeshi government, it stated.

Re-affirming ADFD’s commitment to efficient, effective and timely project execution, Mohammed Saif Al Suwaidi, the director general, said: "ADFD is keen on following-up on all its projects. We engage in routine visits in order to uphold our agreed upon parameters and offer our continued support."

"I’m glad to report that both projects are moving along swiftly, expertly and with the utmost regard to operational efficiency," he added.

ADFD also holds a 60 per cent stake in the UAE-Bangladesh Investment Company Limited (Ubico). -TradeArabia News Service