Agreements on Dhaka Elevated Expressway inked

1131

DHAKA, Feb 25, 2020 (BSS) – Direct and VGF agreements under Public Private Partnership (PPP) Project for the construction of Dhaka Elevated Expressway inked today aimed at disbursing loan by March, 2020.

To implement the previously singed loan agreement, lender, grantor and investor institutions singed direct agreement while Finance Division, lender, and investor institutions singed VGF (viability gap funding) agreement.

Under the agreements, investor institutions Export-Import (EXIM) Bank of China and Industrial and Commercial Bank of China (ICBC) will disburse loan.

Bangladesh Bridge Authority Executive Director Mohammed Belayet Hossain, Montchai Musicabud of investor institution and Nadia Mariam of lender CITI Bank, N.A. singed the direct agreement on behalf of respective institutions.

Finance Division Additional Secretary Md Ekhlasur Rahman, Montchai Musicabud of investor institution and Nadia Mariam of lender Citibank NA singed the VGF agreement on behalf of respective institutions.

The investor institutions handed over 34 percent shares to China Shandong International Economic and 15 percent shares to Technical Group Limited and Sino Hydro Corporation Limited as shareholders.

On March 30, the EXIM Bank ($461 million or Taka 3918 crore) and ICBC ($400 million or Taka 3400 crore) singed loan agreement of total Taka 7318 crore.