IFC wants to invest in coal mine sector Unb, Dhaka

IFC wants to invest in coal mine sector Unb, Dhaka

http://www.thedailystar.net/2005/09/10/d50910012218.htm

10 September 2005

International Finance Corporation (IFC) is willing to invest in Bangladesh's coal mine sector, particularly in Barapukuria coal field in Dinajpur.

A five-member IFC delegation made the proposal at a meeting with Finance Minister M Saifur Rahman at his Gulshan residence yesterday evening.

The finance minister, however, suggested the IFC delegation to come up with a specific plan for the investment. He also advised the delegation to conduct a feasibility study on the proposed project.

"A Chinese company has already worked at the Barapukuria coal field with an underground mining strategy. But the IFC is interested to work with an open earth coal mining plan which may harm the environment in the area," the minister told reporters after the meeting.

He said they (IFC) should prepare a 'model' so that the environment can be protected and the affected people of the locality are not deprived of the actual compensation.

"I have also advised them to talk to the leading NGOs to assess their (NGOs) attitude towards the proposed scheme," Saifur said, adding, "We don't have unlimited gas... if we can generate electricity from coal, then the pressure on gas and furnace oil will be reduced."

Saifir said, "IFC thinks that a right atmosphere for investment in Bangladesh has come and they have confidence in our coal quality."

IFC Director for South Asia Region Iyad Malas led the five-member delegation. World Bank Country Director Cristina I Wallich was also present at the meeting.

The other members of the IFC team were Director of Environment and Social Development Rachel Kyre, Manager of Strategy and Coordination of South Asia Department Neil Gregory, Resident Representative for Bangladesh and Bhutan Hafeezuddin Ahmed and Regional Representative for Bangladesh, Bhutan and Nepal Per Kjellerhaug.