City Bank arranges debt financing for two power plants of Summit Group

Posted by BankInfo on Sun, Apr 23 2017 10:23 am

Sheikh Mohammad Maroof, deputy managing director of City Bank  Ayesha Aziz Khan, managing director of Summit Power International Pte Ltd; Abdul Wadud, managing director of Summit Power Ltd, and Mahmood Malik, executive director of IDCOL, attend the closure ceremony of a $77.64 million financial arrangement by City Bank for two power plants of Summit Group. Photo: City Bank

Star Business Desk

City Bank has arranged funds for setting up two heavy fuel oil-based power plants of Summit Group.

The Summit Barisal Power Ltd will be of 110MW and the other one is 55MW Summit Narayanganj Power Unit II Ltd, City Bank said in a statement yesterday.

Infrastructure Development Company Ltd (IDCOL), Islamic Corporation for the Development of the Private Sector (ICD) and Opec Fund for International Development (OFID) have provided the debt funding for the projects.

Summit Group has borrowed $77.64 million from these institutions under the arrangement, according to the statement.

A financial closure ceremony was organised in Singapore on the successful completion of the financing arrangement.

Sheikh Mohammad Maroof, deputy managing director of City Bank; Ayesha Aziz Khan, managing director of Summit Power International Pte Ltd; Anjuman Aziz Khan, director of Summit Group, and Abdul Wadud, managing director of Summit Power Ltd, attended the deal signing ceremony.

Mahmood Malik, executive director and CEO of IDCOL, and Tareq Alnassar, director of OFID, were also present.

News:Daily Star/23-Apr-2017

SIBL agent banking confce held

Posted by BankInfo on Sun, Apr 23 2017 09:33 am

Social Islami Bank Additional Managing Director AMM Farhad is seen at an agent banking conference and training workshop organised by the bank at its training institute in the capital on Saturday.

news:daily sun/22-apr-2017




Social Islami Bank Limited (SIBL) organised an agent banking conference and training workshop at the bank's training institute in the capital on Saturday.
SIBL Additional Managing Director AMM Farhad inaugurated the conference as the chief guest, said a press release.
Chief Operating Officer of Rural Service Foundation Nitai Pada Saha attended the inaugural ceremony as the special guest, while the bank's Senior Executive Vice-president (SEVP) and Head of Agent Banking Md Akbar Ali presided over the programme.
The officials of the bank's agent banking outlets took part in the conference. - See more at: http://www.observerbd.com/details.php?id=70079#sthash.ZkadAWdS.dpuf
Social Islami Bank Limited (SIBL) organised an agent banking conference and training workshop at the bank's training institute in the capital on Saturday.
SIBL Additional Managing Director AMM Farhad inaugurated the conference as the chief guest, said a press release.
Chief Operating Officer of Rural Service Foundation Nitai Pada Saha attended the inaugural ceremony as the special guest, while the bank's Senior Executive Vice-president (SEVP) and Head of Agent Banking Md Akbar Ali presided over the programme.
The officials of the bank's agent banking outlets took part in the conference. - See more at: http://www.observerbd.com/details.php?id=70079#sthash.ZkadAWdS.dpuf
Social Islami Bank Limited (SIBL) organised an agent banking conference and training workshop at the bank's training institute in the capital on Saturday.
SIBL Additional Managing Director AMM Farhad inaugurated the conference as the chief guest, said a press release.
Chief Operating Officer of Rural Service Foundation Nitai Pada Saha attended the inaugural ceremony as the special guest, while the bank's Senior Executive Vice-president (SEVP) and Head of Agent Banking Md Akbar Ali presided over the programme.
The officials of the bank's agent banking outlets took part in the conference. - See more at: http://www.observerbd.com/details.php?id=70079#sthash.ZkadAWdS.dpuf
Social Islami Bank Limited (SIBL) organised an agent banking conference and training workshop at the bank's training institute in the capital on Saturday.
SIBL Additional Managing Director AMM Farhad inaugurated the conference as the chief guest, said a press release.
Chief Operating Officer of Rural Service Foundation Nitai Pada Saha attended the inaugural ceremony as the special guest, while the bank's Senior Executive Vice-president (SEVP) and Head of Agent Banking Md Akbar Ali presided over the programme.
The officials of the bank's agent banking outlets took part in the conference. - See more at: http://www.observerbd.com/details.php?id=70079#sthash.ZkadAWdS.dpuf
Social Islami Bank Limited (SIBL) organised an agent banking conference and training workshop at the bank's training institute in the capital on Saturday.
SIBL Additional Managing Director AMM Farhad inaugurated the conference as the chief guest, said a press release.
Chief Operating Officer of Rural Service Foundation Nitai Pada Saha attended the inaugural ceremony as the special guest, while the bank's Senior Executive Vice-president (SEVP) and Head of Agent Banking Md Akbar Ali presided over the programme.
The officials of the bank's agent banking outlets took part in the conference. - See more at: http://www.observerbd.com/details.php?id=70079#sthash.ZkadAWdS.dpuf
Social Islami Bank Limited (SIBL) organised an agent banking conference and training workshop at the bank's training institute in the capital on Saturday.
SIBL Additional Managing Director AMM Farhad inaugurated the conference as the chief guest, said a press release.
Chief Operating Officer of Rural Service Foundation Nitai Pada Saha attended the inaugural ceremony as the special guest, while the bank's Senior Executive Vice-president (SEVP) and Head of Agent Banking Md Akbar Ali presided over the programme.
The officials of the bank's agent banking outlets took part in the conference.
- See more at: http://www.observerbd.com/details.php?id=70079#sthash.ZkadAWdS.dpuf
Social Islami Bank Limited (SIBL) organised an agent banking conference and training workshop at the bank's training institute in the capital on Saturday.
SIBL Additional Managing Director AMM Farhad inaugurated the conference as the chief guest, said a press release.
Chief Operating Officer of Rural Service Foundation Nitai Pada Saha attended the inaugural ceremony as the special guest, while the bank's Senior Executive Vice-president (SEVP) and Head of Agent Banking Md Akbar Ali presided over the programme.
The officials of the bank's agent banking outlets took part in the conference.
- See more at: http://www.observerbd.com/details.php?id=70079#sthash.ZkadAWdS.dpuf

Corporate Corner

Posted by BankInfo on Sun, Apr 23 2017 09:20 am

Bangladesh Development Bank Managing Director Manjur Ahmed  presides over the quarterly business review meeting-2017 of the bank at its training institute at Karwan Bazar in the city on Saturday.

news:daily sun/22-apr-2017

WB to give $6 billion credit in 3 years

Posted by BankInfo on Sat, Apr 22 2017 09:34 am

The World Bank has pledged to extend $6 billion in credit to Bangladesh over next three years, report agencies.

Finance Minister AMA Muhith made the disclosure after a meeting  with the global lender’s Vice President for South Asia Region Annette Dixon at its headquarters in Washington DC on Thursday on the sidelines of the Spring Meeting of the World Bank Group - IMF.

Muhith said the World Bank would provide the money in three instalments of $2 billion each in every fiscal year from 2017-18 to 2019-20, quoting Dixon as saying.  

He said the WB’s previous three-year loan package is ending in June.

It had pledged to give $4 billion from 2014-15 to 2016-17 financial year, he said.
“But we’ve got more.”

“We want to give an ambitious budget again like before. We raised the past eight budgets by 10-11 percent each and we will do so again,” he said.

He apprised the WB Vice President of Bangladesh government’s highest priority on human resources development.

“We will take up many new projects keeping this objective in sight,” Muhith said.

He informed Dixon that the government is not cutting the allocation for the Annual Development Programme of the current fiscal year.

The finance minister said the World Bank also pledged funds, as part of a global programme, to help Bangladesh rehabilitate the refugees from Myanmar. “(But) they did not say how much they will provide,” he added.

According to him, the World Bank vice president was happy with Bangladesh’s economic progress.

He said following Bangladesh’s unwillingness to take loans from the World Bank for the banking sector, the global lender decided to give the same amount of credit to two other projects.

Asked how it reacted to the rejection, he said, “They didn’t say much, neither did we.”

Muhith also told the World Bank official that a banking commission would be formed in the next budget. The finance minister has been speaking about constituting the commission since 2014-15 to bring order to the banking sector.

“But this time we will surely do it,” he said.

The Bangladesh delegation in the IMF and World Bank’s 2017 Annual Spring Meetings also includes Bangladesh Bank Governor Fazle Kabir, Finance Secretary Hedayetullah Al Mamoon, Economic Relations Division Secretary Kazi Shofiqul Azam, and Alternate Executive Director to the World Bank Muhammad Musharraf Hossain Bhuiyan.

news:daily sun/22-apr-2017

Worries over Trump policies cloud start of IMF, World Bank meetings

Posted by BankInfo on Fri, Apr 21 2017 07:15 pm

World finance leaders are gathering on US President Donald Trump's home turf on Thursday to try to nudge his still-evolving policies away from protectionism and show broad support for open trade and global integration.

The International Monetary Fund and World Bank spring meetings bring the two multilateral institutions' 189 members face-to-face with Trump's "America First" agenda for the first time, just two blocks from the White House.

"These meetings will all be about Trump and the implications of his policies for the international agenda," said Domenico Lombardi, a former IMF board official who is now with the Centre for International Governance Innovation, a Canadian think-tank.

He added that IMF Managing Director Christine Lagarde is aiming to "socialize" the new administration to the IMF's agenda and influence its policy choices.

The IMF in particular has sounded warnings against Trump's plans to shrink US trade deficits with potential measures to restrict imports, arguing in its latest economic forecasts that protectionist policies would crimp global growth that is starting to gain traction.

Trump administration officials are now pushing back against such warnings by arguing that other countries are more protectionist than the United States.

Trump launched the week by signing an executive order to review "Buy American" public procurement rules that have long offered some exemptions under free trade agreements, and by lashing out at Canadian dairy restrictions.

In addition to warnings on trade, the IMF on Wednesday unveiled two studies pointing out dangers from fiscal proposals that Trump is considering. These included warnings that his tax reform ideas could fuel financial risk-taking and raise public debt enough to hurt growth. Making tax reforms "in a way that does not increase the deficit is better for growth," added IMF fiscal affairs director Vitor Gaspar.

The advice may simply be ignored, especially after US Treasury Secretary Steven Mnuchin last month insisted that an anti-protectionism pledge be dropped from a Group of 20 communique issued in Baden-Baden, Germany, said Eswar Prasad, former head of the IMF's China department

"The IMF has little leverage since its limited toolkit of analysis-based advice, persuasion, and peer pressure is unlikely to have much of an impact on this administration's policies," said Prasad, now an international trade professor at Cornell University. Mnuchin's decision against naming China a currency manipulator last week removed one concern for the IMF ahead of the meeting.

Lagarde also noted on Wednesday that the IMF would listen to all of its members, and work for "free and fair" trade. Lagarde is set to interview Mnuchin on stage during the meetings.

news: daily star/21-apr-2017

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