Bangladesh witnesses a credit facility agreement for the first time

The deal is for the construction of a 450MW combined cycle power plant.

The Hongkong and Shanghai Banking Corporation (HSBC) limited in Bangladesh and Ashuganj Power Station Company Ltd (APSCL) have signed a credit facility agreement through a ceremony last Dec21.

Under this agreement, HSBC has arranged ECA (Export Credit Agency) and MIGA (Multilateral Investment Guarantee Agency) backed USD 420 million credit facilities for APSCL. This credit facility will be used to set up Ashuganj Power Station Company Ltd’s 450MW (south) combined cycle power plant. This project is a first ever transaction of this type in the power sector in Bangladesh.

Ashuganj Power Station is the 2nd largest power plant in Bangladesh with installed capacity of 724MW (8 units) and de-rated capacity of 642MW covering c. 15% of the country’s power requirements.

Dr Tawfiq-E-Elahi Chowdhury - Bir Bikram, Adviser to the Honourable Prime Minister, Government of the People’s Republic of Bangladesh, was the Chief Guest of the agreement signing ceremony.

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