Officials in Bangladesh say a U.S.-based energy company backed by the co-founder of Microsoft plans to spend $1.6 billion building power and fertilizer plants in the impoverished nation.
Officials in Dhaka said they have signed a memorandum of understanding with billionaire Paul Allen's Global Vulcan Energy International, for what would be one of the biggest-ever investments in the fast growing country. The deal would reportedly create some 10,000 new jobs.
Officials said plans include building gas and coal-fired power plants, with a production capacity of 1800 Megawatts, that would increase the country's total energy production by 50 percent. There are also two large fertilizer production plants planned.
The company had no immediate comment on the deal. Officials in Dhaka said the company would conduct feasibility studies over the next several months to analyze proposed sites.
Some information for this report provided by Reuters.