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.