City Bank arranges Tk 3,280m financing for Desh Energy

FE Report The City Bank Ltd has arranged BDT 3,280 million syndicated financing facilities for Desh Energy Limited, a rental power plant located in Shiddhirganj, Narayanganj. The signing ceremony was held at a city hotel recently. Mr. K Mahmood Sattar, Managing Director & CEO of The City Bank Limited, Mr Annisul Huq, Chairman of DEL and Managing Director & CEOs from the participating lenders were also present on the occasion to ink the deal. "The Government undertook both long term and short term strategies to mitigate the immediate power crisis and meet future demand prospects" Mr. K Mahmood Sattar, Managing Director & CEO of The City Bank Limited said. He also appreciated all the participating lenders for their support to this project. "Energy efficiency should be more focused along with increased power production and effective distribution." Mr. Annisul Huq, Chairman of Desh Energy Limited said during the occasion. He also thanked all the participating lenders for their participation and partnerships in making this project a success. Desh Energy is a 100 MW High Speed Diesel power plant, one of the largest diesel based quick rental plants, located at Siddhirganj, Naryanganj. The project was built with syndicated financing arrangement of Taka 3,280 Million. The project achieved its commercial operation on 17 February 2011. City Bank acted as mandated Lead Arranger, Agent and Account Bank of this project.