Tk 90cr syndicate loan for Dhaka Telephone
Star Business Report
Dutch-Bangla Bank Limited (DBBL) along with 10 other banks will provide Tk 90 crore as syndicate term loan for Dhaka Telephone Company Limited in a bid to expand the company's telecommunication network project in four zones of the country. An agreement was signed to this effect between the representatives of the banks and the chairman of the Dhaka Telephone Company Ltd at a city hotel yesterday.DBBL is the lead arranger and agent bank of the project. The other 10 banks are Janata Bank, Agrani Bank, Uttara Bank Ltd, IFIC Bank Ltd, Mercantile Bank Ltd, AB Bank Ltd, Exim Bank Ltd, Standard Bank Ltd, Premier Bank Ltd and United Commercial Bank Ltd. The syndicated term loan will be utilised in setting up of a fixed wireless telephone network based on CDMA 20001 X platform to cover the country's northwest, northeast, southwest and southeast zones. The project will have the installed capacity to connect up to 232,000 subscribers when it is implemented and the company has a plan to increase connection to 368,000 more subscribers by 2009 and additional 500,000 by 2012. Dr Fakhruddin Ahmed, Managing Director of Palli Karma-Sahayak Foundation (PKSF) was present at the signing ceremony as the chief guest. He said syndicated loan is a way to improve a company's product asset. "Telephone is just not a luxury for a few," he said, adding that information technology is not only necessary for interpersonal communication but it is also a way for improving the livelihood of the rural people. ATM Hayatuzzaman Khan, chairman of Dhaka Telephone Company Ltd, said, "The need for development of telecommunication for Bangladesh is overemphasised and we are doing their level best in this regard." Yeasin Ali, Managing Director of DBBL hoped that this syndicated loan will go a long way towards telecommunication development. MDs and executives of other banks also spoke on the occasion.
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