BB gives EBL, two FIs Tk 620m for power financing
June 16, 2009
Bangladesh Bank under its Investment Promotion and Financing Facility (IPFF), approved long term infrastructure fund of Tk 460 million in favour of Eastern Bank Ltd, Tk 90 million in favour of IDLC Finance Ltd and Tk 70 million in favour of Uttara Finance and Investments Ltd for onward lending to Regent Power Ltd under syndication arrangement accomplished by Eastern Bank.
A signing ceremony of Facility Access Agreement in this connection took place at Bangladesh Bank in the city Sunday for getting IPFF fund by the participating financial institutions, said a press release.
Bangladesh Bank Executive Director Md Abul Quasem, Eastern Bank Deputy Managing Director Md Fakhrul Alam, IDLC Finance Chief Executive Officer and Managing Director (Current Charge) Yongbok Jo and Uttara Finance Managing Director SM Shamsul Arefin signed the agreement on behalf of their respective organisations.
Earlier, Eastern Bank Ltd arranged a syndicated term loan facility of Tk 775 million for Regent Power Ltd to set up a 22-MW power plant at Barabkunda, Chittagong under IPP arrangement with the government.
Out of the syndication loan, the said BDT 620.00 million fund is provided under IPFF, a World Bank financed project co-financed by the government implemented by Bangladesh Bank.
Source: thefinancialexpress-bd.com
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