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, state minister for Ministry of Housing and Public Works, as the chief guest, said a press release on Tuesday.
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 320km water distribution pipeline network will be constructed at 6,227 acres of Purbachal area to meet 340 million litres per day need of water supply to the residences of this newly developed locality, read the release.
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.
Md Shahid Ullah Khandaker, secretary to the Ministry of Housing and Public Works, Sultana Afroz, secretary to the GoB and CEO of Public Private Partnership Authority, and Taqsem A Khan, managing director of Dhaka WASA were present as special guests at the signing ceremony.
ABM Amin Ullah Nuri, chairman of 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 organisations.
