Austrian Control Bank OeKB, handover the Export Credit Agency guarantee letter of US$ 94.85 million to GPH management in a program held in its Vienna head office recently, GPH Chittagong office sources said.
With this Letter of Guarantee, it is now confirmed that GPH Ispat will get the loan at soft interest rate from BHF Bank of Germany.
Earlier on March 15, 2017, BHF Bank signed a contract with offshore units of 5 local banks led by UCB to disburse above loans. The loan is payable within 12 years period including 2 years grace period with an interest of rate of 6 months LIBOR + 1.4% p.a.
The Chittagong-based steel maker GPH Ispat is utilizing the loan for its expansion, which is going on in full swing. The technology that is being used in the expansion is not only the first of its kind in Bangladesh, but also in Asia. It will ensure world-class products and reduce the production cost, allowing the company to offer goods at competitive prices to the customers.
Mag. Ferdinand Schipfer, managing director of OeKB, Ortrun Suppanz, senior manager of OeKB, Mohammed Jahangir Alam, chairman of GPH Group, Md Almas Shimul, additional managing director of GPH Ispat, , Kamrul Islam FCA, senior general manager and chief financial officer of GPH Ispat, Eng. Dr. ASM Sumon, head of project of GPH Ispat, Dr. Nahid Hasan, consultant of GPH Ispat, and representatives of Primetals Technologies of Austria were present at the function.
