BB starts disbursing fund from WB's IPFF
FE Report | Thursday, 24 July 2008
The central bank has started disbursement of fund to the power sector for financing under the Investment Promotion and Financing Facility (IPFF) Project to enhance power generation in the country.
The Bangladesh Bank (BB) signed an agreement with the National Credit and Commerce (NCC) Bank Limited Wednesday to provide a loan worth US$24 million from the World Bank-supported project, officials said.
Abul Quasem, IPFF Project Director and Executive Director of the central bank, and Nurul Amin, Managing Director of NCC Bank Limited, signed the agreement.
Under the agreement, the NCC Bank Limited will extend financing to the Doreen Power Generations and Systems Limited to set up three small power plants (SPP) in Feni, Noakhali and Tangail.
"The three SPPs are expected to add 66MW power to the national grid by the end of this year," the Managing Director of the NCC Bank Limited told the FE.
The World Bank earlier approved the $50.0 million IPFF Project to introduce longer term financing for private sector-led infrastructure initiatives within the Public Private Partnership (PPP) framework.
The IPFF project cell in the central bank provides all necessary supports to the financial institutions and also to the private sector entrepreneurs for handling the project modalities and application processing, a World Bank press statement said.
The Bangladesh Bank (BB) signed an agreement with the National Credit and Commerce (NCC) Bank Limited Wednesday to provide a loan worth US$24 million from the World Bank-supported project, officials said.
Abul Quasem, IPFF Project Director and Executive Director of the central bank, and Nurul Amin, Managing Director of NCC Bank Limited, signed the agreement.
Under the agreement, the NCC Bank Limited will extend financing to the Doreen Power Generations and Systems Limited to set up three small power plants (SPP) in Feni, Noakhali and Tangail.
"The three SPPs are expected to add 66MW power to the national grid by the end of this year," the Managing Director of the NCC Bank Limited told the FE.
The World Bank earlier approved the $50.0 million IPFF Project to introduce longer term financing for private sector-led infrastructure initiatives within the Public Private Partnership (PPP) framework.
The IPFF project cell in the central bank provides all necessary supports to the financial institutions and also to the private sector entrepreneurs for handling the project modalities and application processing, a World Bank press statement said.