City Bank has recently arranged funding to help set up a heavy fuel oil (HFO) fired power plant of Doreen Group named Manikganj Power Generations Limited (MPGL), which has capacity of 162 MW, and is located at Shingair, Manikganj, Bangladesh.
The Financial Closure Ceremony took place in Renaissance Dhaka Gulshan Hotel.
Tahzeeb Alam Siddique MP, Managing Director, Manikganj Power Generations Limited, Mashrur Arefin, Managing Director & CEO, City Bank, Md. Arfan Ali, President & Managing Director, Bank Asia Limited were present on the occasion.
Under the syndication arrangements, City Bank has arranged long term loan facilities totaling BDT 7.42 billion from Bank Asia Limited, Eastern Bank Limited and itself. City Bank participated in the syndication with BDT 2.17 billion and provided Credit Guarantee of BDT 5.25 billion against which Bank Asia and Eastern Bank have financed their plant, said a statement.