The World Bank (WB) is likely to provide $100 million to Bangladesh, for the promotion of renewable energy mainly for solar power. Recently, a WB mission visited the country to explore the possibility of renewable energy development as the country has taken steps to modernize its infrastructure. Bangladesh’s main energy source, natural gas, will soon be depleted according to Petrobangla experts. The experts said that the country has natural gas reserves expected to last till 2012.

The WB has proposed to provide $90 million fund for setting up solar power and another $10 million for exploring other sources of alternative energy in the country, an official of the Economic Relations Division (ERD) said.

Bangladesh is facing over 250 million cubic feet of gas supply shortage per day (mmcfd) against the demand for over 2000 mmcfd.

Bangladesh has already formulated a renewable energy policy to encourage both the private and the public sectors to develop alternative sources of energy.