The City Bank Ltd organised a signing ceremony for a structured financing arrangement for Regent Energyand Power Limited, for raising a term loan of US$50.2 million and Tk 300 million and preference shares of Tk430 million for setting up a 108 MW gas fired Independent Power Plant at Ghorashal, Narsingdi, says a pressrelease.

The senior lenders are Infrastructure Development Company Limited (IDCOL) with a commitment of$ 30 million and International Finance Corporation (IFC) with a commitment of $ 20.2 million and BangladeshInfrastructure Financing Fund Limited (BIFFL) with Tk 300 million.

The preference share subscribers are City Bank Capital Resources Limited (CBCRL), Midland Bank Limited,NRB Commercial Bank Limited and United Leasing Company (City Bank has played the role of Arranger,Collateral Agent, Account Bank and BIFFL Facility Agent. Sohail R K Hussain, managing director of City Bank, Anita Marangoly George, director of Infrastructure andNatural Resources, IFC; Md Yasin Ali, managing director and Salman Habib Deputy managing director ofRegent Energy and Power Ltd, Kyle F Kelhofer, country manager, Bangladesh, Bhutan and Nepal, IFC;Mahmood Malik, executive director and chief executive officer of IDCOL, Md Atiquzzaman, executive directorand chief executive officer of BIFFL, Ershad Hossain, chief executive officer of CBCRL, A K M Shahidul Haque,managing director and chief executive officer of Midland Bank, Sheikh Mohammad Maroof,  deputy managingdirector of City Bank, and other senior officials from the leading financial institutions of the country were also present.

World Bank vice-president for the South Asia region Philippe Le Houérou on Tuesday emphasised the WorldBank’s strong support for the people of Bangladesh and said he was optimistic about thecountry’sprospectsfor ending poverty and achieving shared prosperity.

Le Houérou made the comments after concluding his first visit to Bangladesh since his appointment in July2013, said a press release.‘Against the odds, Bangladesh has achieved sustainable growth that pulled 16 million people out of poverty inthelastdecade,’saidLeHouérou.

‘The World Bank remains committed to working with this dynamic and resilient country to reduce poverty andbringprosperity to all Bangladeshis, especially the poor,’ he said.He said the World Bank board has already approved $1.75 billion new financing in the current financial year.

‘We are stepping up our engagement and are on track to sign $2.7 billion of new financing agreements bJune 30, 2014,’ he said.

During his meeting with prime minister Sheikh Hasina to discuss the country’s main development priorities,Le Houérou commended the impressive progress Bangladesh had made in poverty reduction, humandevelopment, and economic growth. The World Bank official said, ‘Bangladesh has an excellent record of investing in health, education and socialsafety nets for the poor and I am optimistic that more progress can be made to end poverty and ensure shared prosperity.He went on saying, ‘Today, more Bangladeshis are living longer, healthier lives, and more children are stepping into classrooms.

But, to achieve middle income status, the country needs to do more to narrow thepower and transportation gaps, manage urbanisation, reduce climate change impacts and improve the easeof doing business environment and public service delivery. The World Bank will work harder here to address infrastructure bottlenecks, especially in the power and transport sectors,’ The vice-president visited several World Bank-financed projects in Bangladesh’s southern region. He visitedrural communities, living in the front line of climate change in the coastal area, who have transformed theirives with the help of better livelihood options and community infrastructure under the Notun Jibon Project.

This project has improved the lives of 3.5 million of the poorest people. He saw World Bank-financed cycloneshelters that serve as schools during normal weather. He also visited rural communities accessing electricity intheir homes and shops through solar systems.

The Rural Electricity and Renewable Energy Development IIproject has installed more than 2.8 million solar systems in homes and enterprises in remote villages that otherwise would have no electricity.Le Houérou also visited the port and the Export Processing Zone in Chittagong.

He noted how the privatesector is driving growth and creating thousands of jobs. He also stressed the urgent need to improve theefficiency of the port and the transport sectors to increase economic growth to help the country achieve middle-income status.

Le Houérou met senior government officials, civil society and private sector leaders to find out how WorldBank support can be best aligned with the country’s priorities. He also discussed ways to improve theimplementation of World Bank-financed projects to ensure faster and better results for the people of Bangladesh.

AMA Muhith

Finance minister AMA Muhith on Wednesday said the Bangladesh Bank misrepresented the fact about autonomous status to the International Monetary He told this to reporters after a meeting with a visiting IMF mission at his secretariat He said he had no idea why the BB officials lied to the IMF.

‘I have to talk to the BB officials’ he The finance minister said the BB had already been enjoying enough autonomy except the powers to dismiss board of directors of the state owned commercial He noted that there was no pressure on the BB to exercise its existing power in monitoring and taking action against commercial banks and other financial Muhith observed that the central bank wanted to enjoy more power than that of the Officials said the IMF raised question about the BB’s monitoring role over the state-owned banks because of a series of scandals and burglary cases during the meeting with the finance minister.

 United Commercial Bank Limited (UCB) handed over a donation cheque worth Tk 25 lakh to ‘Proyash’, a school for specially-able children operated by 9th Infantry Division, Savar Cantonment on Wednesday.

Md. Jahangir Alam Khan, Director of UCBL handed over the cheque to Begum Farzana Nigar, patron of Proyash Savar Area, said a press release.

Among others, Director of UCBL Md. Tanvir Khan, Additional Managing Director of UCBL Mirza Mahmud Rafiqur Rahman and Lt Gen Chowdhury Hasan Sarwardy, Bir Bikram, along with other senior officials of UCBL and various army personnel were also present.