City Bank Becomes the 'Escrow Bank’ for 1st Public Sector Utility Project under PPP model
City Bank has signed an Escrow Account Agreement with RAJUK and United Delcot (a Bangladesh-China JV) for Purbachal Water Supply PPP Project. The signing ceremony was held at RAJUK Site Office at Purbachal in presence of Sharif Ahmed M.P, State Minister for Ministry of Housing & Public Works as the Chief Guest. Md. Shahid Ullah Khandaker, Secretary to the Ministry of Housing & Public Works, Sultana Afroz, Secretary to the GoB & CEO of Public Private Partnership Authority and Engr. Taqsem A Khan, Managing Director, Dhaka WASA were present as special guests.
This is a Public Private Partnership (PPP) Project and first of its kind in Bangladesh in the public utility sector. Through this PPP project, total 320 KMs water distribution pipeline network will be constructed at 6,227 acres of Purbachal area to meet 340 million liters per day need of water supply to the residences of this newly developed locality. City Bank’s dedicated PPP team is working for the project on its long term financing requirement and through this agreement, City Bank is going to start working as an escrow bank between RAJUK and United Delcot.
A B M Amin Ullah Nuri, Chairman RAJUK, Sheikh Mohammad Maroof, Additional Managing Director of City Bank and Dayem Khandker, Managing Director of United Delcot executed the agreement on behalf of respective organizations. Senior officials from both organizations were also present at the ceremony.