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18 July, 2021 09:17:57 AM

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City Bank arranges long-term financing for 200MW power plant of Bangla Trac Group

Staff Reporter, Dhaka
City Bank arranges long-term financing for 200MW power plant of Bangla Trac Group

City Bank has recently arranged funding to help set up a high speed diesel (HSD) fired power plant of Bangla Trac Group at Daudkandi, Cumilla. 

The Bangla Trac Power Unit 1 Limited (BTP1) has a capacity of 200 MW power plant, according to a press release. 
Under the syndication arrangements, City Bank has arranged long term facilities worth a total of Tk 3,420 million and $25 million from ShahjalalIslami Bank Limited, NRB Commercial Bank Limited, City Bank, Islamic Finance and Investment Limited, IDLC Finance and Mashreq Bank - one of the leading financial institutions in the United Arab Emirates.

As part of this syndication, Mashreq Bank has provided long term funding of USD 25 million towards the BTP1. 
Under the arrangement, City Bank has provided a standby letter of credit (SBLC) guarantee to Mashreq Bank, amounting to $ 25 million, as security for the Bangla Trac Group’s project.

The signing of the loan agreement took place in respective head offices of Mashreq Bank in Dubai, City Bank in Dhaka, and BTP1 in Dhaka.

Sheikh Mohammad Maroof, additional managing director of City Bank; Zainal Abedin, director (Technical) of BTP1; Mohammad Jahangir Alam, cluster head of Public Sector, PPP and Service Sector at City Bank; and Mahbub Jamil, head of Structured Finance at City Bank, signed the agreement on this occasion.

Iqbal H Khanyari, head of ICD and Islamic Banking at Mashreq Bank; Ali Asghar Hamid, Senior Relationship Manager of ICD and Islamic Banking at Mashreq Bank; M Jahangir Alam, group CEO of Bangla Trac Group; and Fahad Mahmud Islam, CFO of Bangla Trac Group, were also present at this signing event.

 

 

 

SI

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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