StanChart to bankroll Midland Power

Standard Chartered Bank will provide $21 million to Midland Power Company Ltd for a 51-megawatt gas-fired power plant at Ashuganj of Narayanganj.
The two sides inked an agreement yesterday to facilitate the implementation of the independent power plant at a total cost of $32 million.
The British bank is the sole arranger and lender of the financing facility.
Midland Power is a joint venture between Viyellatex Group and Youth Group, two leading garment exporters. The plant plans to supply electricity to the national grid by the yearend.
Midland Power and the Power Development Board of the government signed the agreement on April 11.
Bakharabad Gas Distribution Company Ltd will supply gas to the project and the main engine of the plant will be a Norwegian Rolls Royce, agreements for which are already in place.
Abrar A Anwar, managing director (wholesale banking) of Standard Chartered, said: “We are delighted to be involved in such nationally important projects, and also for being able to deploy our global capabilities to raise international financing for projects in Bangladesh."
"We are proud to have been financing partners of many major and critical industrial and infrastructure projects; we remain committed to be an integral force in the development of not only the financial sector, but also of the Bangladesh economy as a whole,” he said in a statement.
Midland Power Chairman Rezaul Hasanat, Director Ahsan Kabir Khan and Managing Director Feroz Alam were also present at the agreement signing ceremony.
Standard Chartered has been operating in Bangladesh for more than 100 years.