SCB sole financier of United Ashuganj Power

FE Team | Published: June 26, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

Standard Chartered Bank (SCB) has become the sole financier of United Ashuganj Power Limited for its 53 megawatt (mw) power plant in Ashuganj of Brahmanbaria by investing US$ 26 million for three year term. In this connection, an agreement was signed between the two organisations in the city Saturday. CEO of SCB, Bangladesh Jim McCabe and Director of United Group KM Ahsan Shamim signed the agreement on behalf of their respective organisations. Speaking on the occasion, SCB CEO Jim McCabe said, "Standard Chartered Bank is proud to be able to contribute to government's various initiatives to develop Bangladesh's power sector. As the sole financier, we are committed to meet the implementation time frame involved for this project." United Group Director Ahsan Shamim said, "It's an exciting moment for us to implement this project in the shortest possible time and help improve the present power supply situation. Standard Chartered Bank has been one of the pioneers in facilitating country's viable power projects. Also great support from Board of Investment for foreign currency loan has made it possible to arrange the financial package on time." Among others, United Group Chairman Hasan Mahmood Raja and Head of OCC, India and South Asia of SCB Venkataramanan Anantharaman, Head of Growth Markets, South East Asia & South Asia Nirukt Sapru, Head of Regional Structured Trade Finance & Financing Solutions Milan Mehra, Head of Origination & Client Coverage Abrar Anwar, Head of CTA Mahfuzur Rahman, Director-CTA Arif Ainul Suman and Associate Director, Financial Market Sales Syed Shadman Rahim were also present at the deal signing ceremony.