Dhaka Bank extend $40M ECA loan to Chandpur power plant

Dhaka Bank Limited has signed an agreement with Commerzbank AG and AKA Ausfuhrkredit-Gesellschaft mbH of Germany recently to avail bank's first-ever ECA-Covered Term Loan for on-lending to Chandpur Power Generations Limited, a sister concern of Doreen Group. 

Chandpur Power Generations Limited is a 115 MW HFO based IPP power plant, which is now under implementation at Chandpur. It will receive $40 million in loan under the agreement, said a press release. 

The project is an Independent Power Producer (IPP) 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 (nine) power plants having a 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 & Agency Finance, Singapore; Bahador Ghezelbash, Director, Export & Agency Finance, Frankfurt; and Stefan Rajmann, Vice President, Export & Agency Finance, AKA, Frankfurt attended the program. Tahzeeb Alam Siddiqui, Managing Director, Chandpur Power Generations Limited and Mostafa Moin, Chief Executive Officer, Doreen Power were also present in the program.