City Bank arranges $26m debt financing for Doreen Group

City Bank recently arranged fund for setting up a HFO-based power plant of Banco Energy Generation Limited of Doreen Group with capacities of 53.9 MW at Munshiganj, said a statement.

AKA Bank and Commerzbank of Germany have provided ECA (Euler Hermes) backed debt funding worth a total of USD 26 million through City Bank to implement the project.

A Financial Closure Ceremony was organised in Frankfurt, Germany on the successful completion of the financing arrangement.

Sohail R. K. Hussain, MD & CEO, City Bank,Stefan Rajmann, Senior Project Manager, Structured Export Finance and Herbert Euler, Senior Counsel, Export Finance of AKA Bank, Cathrin Karpinski, Head of International Markets and Alexander Mondorf, Relationship Manager, Indian Subcontinent & ASEAN of Commerzbank signed the agreement on behalf of their respective companies.

Also present were Sheikh Mohammad Maroof, DMD & Head of Wholesale Banking and Mahbub Jamil, Head of Structured Finance of City Bank, Tawfiq Ali, Chief Representative of Commerzbank Bangladesh and other high officials of the companies.

-rmc//