The package will go towards a project to develop two power lines in support of the government’s national target of electricity for all by 2021.

ADB senior energy specialist Aiming Zhou said: “Bangladesh has been experiencing impressive economic growth over the last decade, but to maintain and even accelerate this, more investments are needed for the power transmission network to meet growing electricity demand.”

The funds comprise of a $350m ADB loan, a $7m grant from the Japan Fund for the Joint Crediting Mechanism to partially finance new high-technology energy efficient conductors and a $500,000 grant from the Republic of Korea e-Asia and Knowledge partnership to promote socially inclusive growth with gender equality.

The government of Bangladesh has pledged to address infrastructure deficiencies, including modern and affordable energy services.

About 35 million people in the country are without access to electricity.

The government will contribute $174.5m towards the total cost of the project, estimated at $532m, which is due to be complete at the end of June 2023.