United Commercial Bank Limited as the lead arranger raised $23.03 million under the Investment Promotion and Financing Facility (IPFF) of Central Bank funded by International Development Association (IDA) of World Bank, says a press release. Bangladesh Bank took this praiseworthy initiative and disbursed a fund of $19.91 million which will be utilized for financing a 50MW Independent power generation plant.
The said fund would be disbursed through United Commercial Bank Limited and Trust Bank Limited, where UCBL is acting as a lead arranger.
Bangladesh Bank, with the financial assistance of World Bank, is implementing the IPFF project for financing in a wide range of infrastructure development ventures in six key areas including ports, power, environment, industrial estates and water supply. UCBL, in near future will arrange more financing for projects that will meet the infrastructure development needs of the nation.
On behalf of the participating Banks, Muhammed Ali, managing director, United Commercial Bank Limited and Ishtiaque Ahmed Chowdhury, managing director of Trust Bank Limited signed the facility access agreement. The deputy governor of Abul Quasem signed on behalf of Bangladesh Bank.
-With The News Today input
