Dhaka, Aug. 3 -- The government has extended a sovereign and indemnity guarantee to the World Bank (WB) to support Petrobangla's costly liquefied natural gas (LNG) imports, ensuring payment if the state-run company fails to repay its loans on time.
A senior official from the Finance Division under the Ministry of Finance (MoF) told The Financial Express on Saturday that the MoF provided the counter-guarantee or indemnity to the multilateral donor agency to reimburse funds, if needed. The World Bank's repayment guarantee is thus backed firmly by the Ministry of Finance's sovereign guarantee.
Officials said Petrobangla has already selected eight local and foreign commercial banks to facilitate LNG imports, secured by a repayment guarantee...
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