Dhaka Bank arranges $40m loan for Chandpur Power Plant

Staff Correspondent

10 June, 2021 12:00 AM printer

Dhaka Bank Limited has arranged US$40.00 million ECA loan for Chandpur Power Generations Limited, a sister concern of Doreen Group.

In this regard the bank signed an agreement with Commerzbank AG and AKA Ausfuhrkredit-Gesellschaft mbH of Germany recently.

Consortium of Commerzbank AG, and AKA Ausfuhrkredit-Gesellschaft mbH of Germany is financing under ECA Cover, said a press release.

This is the first ever ECA-covered transaction for Dhaka Bank Limited, which has enabled them to expand its footprint into international financial market and to widen their spectrum of operation in structured financing.

Chandpur Power Generations Limited is a 115 MW HFO based IPP power plant, which is now under implementation at Chandpur.

The project is an IPP (Independent Power Producer) for 15 years.

Doreen Group is one of the reputed business conglomerates in the country, especially in the power sector.

The group has so far implemented 9 power plants having total capacity of 460 MW.

The capacity will be 575 MW when Chandpur Project is completed.

Emranul Huq, Managing Director & Chief Executive Officer, Dhaka Bank Limited along with other senior officials of the Bank were present in the virtual ceremony.

Tawfiq Ali, Chief Representative, Commerzbank AG Representative Office, Bangladesh, Philipp Merten, Director, Export and Agency Finance, Singapore, Bahador Ghezelbash, Director, Export and Agency Finance, Frankfurt and Stefan Rajmann, Vice President, Export and Agency Finance, AKA, Frankfurt attended the programme.

Tahzeeb Alam Siddiqui, Managing Director, Chandpur Power Generations Limited and Mostafa Moin, Chief Executive Officer, Doreen Power were also present in the programme.