Dhaka, Bangladesh (BBN)- BRAC Bank Limited and Western Marine Shipyard Limited signed a corporate agreement in Dhaka on Tuesday.

Under the deal, the bank will sanction a credit facility of more than BDT 1.57billion to the country’s leading shipbuilding company to export two 5,200 DWT (deadweight tonnage) ocean going ice-class ships for a German company. The ships are scheduled to be exported by Dec 2010. Western Marine will build a total of 12 ships for the German company.

Western Marine Shipyard Managing Director Md. Sakhawat Hossain and BRAC Bank Deputy Managing Director Mr. Syed Mahbubur Rahman inked the deal on behalf of their respective sides. BRAC Bank Managing Director Mr. AEA Muhaimen and Western Marine Shipyard Chairman Md. Saiful Islam along with other high officials of both the companies were present at the singing ceremony.

BBN/SS/SSR/AD-17June09-6:09 pm (BST)