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New funding method for power plants

WB to lend NCC Bank Tk190cr for financing

Star Business Report
A new way to finance the setting up of much needed power plants has been established, with the World Bank to lend directly to a commercial bank in Bangladesh for the first time ever.
The multinational lender normally lends to governments but will make around Tkl90 crore available to the private National Credit and Commerce Bank Limited in order to finance three small power projects.
Under the project NCC will then lendTk 345 crore to developers for three small power generation projects, each with 23-megawatt capacity.
In recent years Bangladesh has struggled to build new generating capacity and this failure has led to daily power cuts and load shedding.
"The WB will lend us Tk 193.2 crore out of the Tk 345 crore cost for three small power generation projects," Nurul Amin, managing director of National Credit and Commerce (NCC) Bank Limited, told reporters at a briefing yesterday at its headquarters.
“This is the first time the World Bank is funding directly a private bank in Bangladesh,” Nurul Amin said.
According to officials WB's rate of interest for the loan will be 9 percent and the bank will lend it at 11 percent rate. This compares with the World Bank's lending to government which is interest free under the International Development Association.
Amin said the central bank has mediated with the loan process with the WB under its Investment Promotion Financing Facility (IPFF) programme.
According to NCC top officials, the bank will fund Doreen Power Generation Company Limited for three small power generation projects; each will generate 23 megawatt of power. Of the total Tk345 crore cost for the three projects, WB will lend the NCC Bank 56 percent, 30 percent will come from equity partners and the remaining 14 percent from NCC Bank, Nurul Amin said.
Tofazzal Hossain, chairman of the bank said local banks are equipped enough to fund power generation projects to improve the poor power condition in the country.
“The government has to take a long-term plan (at least 10 years) to distribute target to some 30 private commercial banks (PCBs) operating in the country," Hossain observed.
"If proper plan is taken, I see no reason to overcome the power crisis," he added.
Separately the bank lend Tk60 crore to 1 Energy Prima, a subsidiary of Hosaf Group, to generate another 22-megawatt electricity under rental power generation scheme.
NCC Bankis one of the country's second-generation private banks started operation in May 1993.