Dhaka Bank Limited 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.
Dhaka Bank made the announcement in a press release issued on Tuesday.
Emranul Huq, Managing Director & Chief Executive Officer of Dhaka Bank Limited, along with other senior officials of the bank; 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 present in virtual agreement signing ceremony.
According to the release, Dhaka Bank Limited has successfully arranged Euler Hermes Covered ECA ('Export Credit Agency') loan of USD 40.00 million for Chandpur Power Generations Limited.
Consortium of Commerzbank AG, and AKA Ausfuhrkredit-Gesellschaft mbH of Germany is financing the loan under ECA Cover.
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 (nine) power plants having total capacity of 460 MW. The capacity will be 575 MW when Chandpur Project is completed.