Hongkong and Shanghai Banking Corporation Limited (HSBC) Bangladesh has arranged $333m loans for Bangladesh Power Development Board (BPDB) to finance the 416-mega watt Ghorasal Third Unit Repowering Power Plant Project in Ghorasal, Narsinghdi.
HSBC recently signed an agreement with the BPDB to help the state-owned power producer use the fund backed by the Export Credit Agency (ECA), according to bank’s statement.
BPDB which owns 54% of the country’s total power generation capacity along with its subsidiary companies will be implementing the project.
Bangladesh will provide sovereign guarantee to support the implementation, which will take three years to complete. The government plans to increase the total electricity generation capacity from existing 12,071MW to 24,000MW by the year 2021.
Md. Zahurul Haque, BPDB secretary, and Arnaud Cachard, head of HSBC’s export finance, Asia Pacific, signed the agreement on behalf of their respective organisations.
Dr Tawfiq E Elahi Chowdhury, adviser to the Prime Minister, Monowar Islam, power division secretary, Md Shamsul Hasan Miah, BPDB chairman and Francois de Maricourt, CEO of HSBC Bangladesh were present at the signing ceremony.
