UCB raises $ 23.03m under IPFF of Bangladesh bank

United Commercial Bank (UCB) as the lead arranger recently raised US$ 23.03 million under the Investment Promotion and Financing Facility (IPFF) of Central Bank funded by International Development Association (IDA) of World Bank. Bangladesh Bank disbursed a fund of $ 19.91 million which will be utilized for financing a 50 MW independent power generation plant. The said fund would be disbursed through UCB and Trust Bank Limited, says a press release. Bangladesh Bank, with the financial assistance of World Bank, is implementing the IPFF project for financing in a wide range of infrastructure development ventures in six key areas including ports, power, environment, industrial estates and water supply. UCBL, in near future will arrange more financing for projects that will meet the infrastructure development needs of the nation. On behalf of the participating Banks, Muhammed Ali, managing director, United Commercial Bank Limited and Ishtiaque Ahmed Chowdhury, managing director of Trust Bank Limited, signed the Facility Access Agreement. The Deputy Governor of  Md Abul Quasem signed on behalf of Bangladesh Bank.