United Commercial Bank Ltd (UCB), as the lead arranger for the fund disbursement for financing a 50 MW independent power generation plant namely Baraka Patenga Power Limited raised $ 21.975 million under the Investment Promotion and Financing Facility (IPFF) of Bangladesh Bank (BB).
A Fund Disbursement program was arranged at a local hotel in Dhaka on Tuesday. BB Governor Dr. Atiur Rahman graced the event as Chief Guest.
UCB raised the fund under the Investment Promotion and Financing Facility (IPFF) of Bangladesh Bank funded by International Development Association (IDA) of World Bank which is first of its kind. The said fund was disbursed through United Commercial Bank Limited and Trust Bank Limited, where UCB 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 nine key areas including, power, ports, environment solid waste management, highways and express ways, airport and terminal, water supply, economic development, social sector and information technology.
Among others, Muhammed Ali, Managing Director, United Commercial Bank Limited, Deputy Governor of Bangladesh Bank Md. Abul Quasem, Financial Sector Specialist of World Bank Dr. A K M Abdullah, Managing Director of Trust Bank Ishtiaque Ahmed Chowdhury, Chairman of Baraka Patenga Power Limited Faisal Ahmed Chowdhury and Managing Director of Baraka Patenga Power Limited Golam Rabbani, Additional Managing Directors of UCB M. Shahidul Islam, Mirza Mahmud Rafiqur Rahman and A. E. Abdul Muhaimen; Deputy Managing Directors of UCB Md. Tariqul Azam and Mohammed Shawkat Jamil; SVP and Head of SFD, UCB A S M Arif, DGM and Deputy Project Director of Bangladesh Bank Husne Ara Shikha along with other senior officials of UCB and other institutions were present at the event.
Chief Guest Dr. Atiur Rahman said, ‘Bangladesh is now the member of elite club of 6 month foreign currency reserve countries. He also added that Bangladesh Bank will assist all private sector entrepreneurs to enhance investment flow.’
Managing Director of UCB Muhammed Ali said, ‘UCB is following inclusive Banking under the guideline of Bangladesh Bank.’