City Bank arranges SBLC Covered Long Term Financing for a 200 MW IPP at Daudkandi, Cumilla

Press Release

17th July, 2021 01:38:35 PM printer

City Bank arranges SBLC Covered Long Term Financing for a 200 MW IPP at Daudkandi, Cumilla

City Bank has recently arranged funding to help to set up a high speed diesel (HSD) fired Power Plant of Bangla Trac Group. The Bangla Trac Power Unit 1 Limited (BTP1) has capacity of 200 MW, and is located at Daudkandi, Cumilla.

Under the syndication arrangements, City Bank has arranged long term facilities totaling BDT 3,420 Million & USD 25 Million from Shahjalal Islami Bank Limited, NRB Commercial Bank Limited, The City Bank Limited, Islamic Finance & Investment Limited, IDLC Finance Limited 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 USD 25 Million, as security for the Bangla Trac Group’s project.

The signing of USD Loan agreement took place in respective Head Offices of Mashreq Bank (Dubai, UAE), City Bank (Dhaka, Bangladesh) and BTP1 (Dhaka, Bangladesh). Sheikh Mohammad Maroof, Additional Managing Director, City Bank, Zainal Abedin,  Director - Technical, BTP1, Mohammad Jahangir Alam, Cluster Head, Public sector, PPP & Service sector, City Bank and Mahbub Jamil, Head of Structured Finance, City Bank signed the agreement on this occasion.

Iqbal H Khanyari, Senior Vice President, Head of ICD & Islamic Banking, Mashreq Bank, Ali Asghar Hamid, Vice President, Senior Relationship Manager, ICD & Islamic Banking, Mashreq Bank, M Jahangir Alam, FCMA, Group CEO, Bangla Trac Group, Mr. Fahad Mahmud Islam, CFO, Bangla Trac Group were also present in this signing event.