Mashreqbank PSC, a privately owned bank in the United Arab Emirates, has disbursed long-term foreign currency funding of $25 million to Bangla Trac Group, one of the leading conglomerates in Bangladesh.
The funding is specifically for Bangla Trac Power Unit-1 Ltd (BTPU-1), the 200 MW High Speed Diesel (HSD) fired power plant located in Daudkandi of Cumilla, reads a press release.
The City Bank Ltd played a key role in securing the funding, acting as the lead arranger and agent bank.
Alongside the $25 million from Mashreqbank PSC, the City Bank has also raised local currency funding of Tk3,240 million through syndicate arrangement from Shahjalal Islami Bank Limited, NRB Commercial Bank Limited, City bank Limited, Islamic Finance & Investment Limited and IDLC Finance Limited for BTPU-1 power plant project.
Mohammad Aminul Haque, chairman and Tarique Ekramul Haque, managing director of Bangla Trac Limited, which is the majority shareholder entity of BTPU-1, expressed their gratitude and thanks to the City Bank Ltd and Mashreqbank PSC for their relentless efforts in making this deal a success and expressed intent for more such collaborations in the future.