Home » Bangladesh to pay Russia $300 million in Chinese currency for nuclear plant

Bangladesh to pay Russia $300 million in Chinese currency for nuclear plant

by Ayushi Veda
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Bangladesh has signed a deal with Russia to pay $300 million in Chinese currency for a nuclear power plant. The agreement was signed during the recent visit of Russian President Vladimir Putin to Bangladesh. This marks the first time that a payment for a nuclear power plant has been made in Chinese currency. The payment will be made through the Industrial and Commercial Bank of China.

The power plant will be built near the town of Rooppur in the Pabna district of Bangladesh. The project is being built with Russian technology and is expected to generate 2.4 gigawatts of electricity. The plant is expected to help Bangladesh meet its growing demand for electricity, which is currently being met through expensive imports.

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In addition to the power plant, Russia will also provide Bangladesh with two military helicopters and a hundred armored personnel carriers. The deal between the two countries is part of Russia’s plan to increase its influence in the region. Bangladesh has traditionally been a close ally of India, but has recently been seeking to expand its relationships with other countries.

The use of Chinese currency in the payment is seen as a sign of Bangladesh’s growing economic ties with China. China has been investing heavily in Bangladesh in recent years, particularly in infrastructure projects such as ports and highways. Bangladesh is seen as a key part of China’s Belt and Road Initiative, a massive infrastructure project that aims to connect China with Europe and Africa.

The use of Chinese currency also reflects the increasing use of the yuan as a global currency. China has been seeking to promote the use of the yuan in international trade as a way to reduce its reliance on the US dollar. The use of the yuan in the payment for the nuclear power plant marks a significant milestone in this effort.

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