Dhaka, Bangladesh (BBN)– An agreement of syndicated term loan worth Tk 2205 million has been signed between Baraka Patenga Power Ltd (BPPL) and eight banks and financial institutions (FIs) for setting up a 50 MW IPP power plant.
Showkat Aziz Russell, vice chairman of United Commercial Bank Ltd (UCB), lead arranger of the deal, was the chief guest at the signing ceremony at a city hotel Wednesday.
With the syndicated loan, the IPP based power plant will be set up at Patenga in Chittagong, officials said.
The ceremony was attended, among others, Md Jahangir Alam Khan, Chairman of Audit Committee of UCB, Muhammed Ali, Managing Director of UCBL, Faisal Ahmed Chowdhury, Chairman of BPPL, Gulam Rabbani Chowdhury, Managing Director of BPPL, M Shahidul Islam, Additional Managing Director of UCBL, Mirza Mahmud Rafiqur Rahman, Additional Managing Director of UCBL, Md Tariqul Azam, Deputy Managing Director of UCBL, Mohammad Shawkat Jamil, Deputy Managing Director of UCBL, ASM Arif, Senior Vice President and Head of Structured Finance Division. 
Mr Gulam Rabbani Chowdhury thanked all the banks and financial instructions for their support and assured them of utilizing the loan efficiently so that they themselves come forward with funds to give loan to the listed power company in the future.
Barakatullah Electro Dynamics Ltd (BEDL) formed the project company namely Baraka Patenga Power Limited (BPPL), a 51 per cent subsidiary company of BEDL.
BBN/SSR/AD-22Mar13-11:48 am (BST)