City Bank arranges financing for Doreen Group power plant

City Bank recently arranged funds to set up a 53.9 MW HFO-based power plant of Banco Energy Generation Limited of Doreen Group, at Munshiganj. AKA Bank and Commerzbank of Germany have provided ECA (Euler Hermes) debt funding worth USD 26 million through City Bank to implement the project.

A financial closure ceremony was organized in Frankfurt, Germany, on the successful completion of the financing arrangement. Sohail RK Hussain, MD and 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 and ASEAN of Commerz Bank, signed the agreement on behalf of their respective organizations. Also present were Sheikh Mohammad Maroof, DMD and 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 organisations.