Japan International Cooperation Agency (JICA) has announced that it has signed a loan agreement with Bangladeshi steel manufacturing company Bangladesh Steel Re-Rolling Mills Ltd. (BSRM) to provide $50 million in funds for the construction of a steel plant planned by the latter in Mirsharai, Bangladesh.
The new plant will increase the steelmaking capacity in the country.
The loan will promote environmental friendliness and reduce greenhouse gas emissions in the steel industry in Bangladesh through the introduction of solar power generation facilities, air pollutant management systems, and water treatment and reuse plants as ancillary facilities to the plant.
The project will be co-financed by Standard Chartered Bank and the Export-Import Bank of India, among other institutions.