• Wednesday, May 25, 2022
  • Last Update : 04:24 pm

City Bank arranges long-term financing for 200MW power plant

  • Published at 09:19 pm July 17th, 2021
Representatives of Bangla Trac Group, City Bank and Mashreq Bank at a long-term financing agreement signing ceremony recently Courtesy

As part of this syndication, Mashreq Bank has provided long-term funding of $25 million towards the plant

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) will have a capacity of 200MW, according to a press release. 

Under the syndication arrangements, City Bank has arranged long-term facilities worth a total of Tk342 crore and $25 million from Shahjalal Islami Bank, NRB Commercial Bank, City Bank, Islamic Finance and Investment Limited, IDLC Finance, and Mashreq Bank — one of the leading financial institutions in the UAE.

As part of this syndication, Mashreq Bank has provided long-term funding of $25 million towards the BTP1. 

Under the arrangement, City Bank has provided a standby letter of credit 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

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