The fund comes from the IFC Emerging Asia Fund, an investment fund managed by IFC Asset Management Company, and EMA Power, a joint venture between Daelim Energy and Islamic Development Bank (IDB) Infrastructure Fund II. Chairman and Managing Director of Summit Group Mohammed Aziz Khan said the investment, via a newly set up Singapore company, Power International, is part of Summit Group’s plans for raising finance from international markets. With its Singapore base and support from IFC, IFC Emerging Asia Fund, and EMA Power, Power International aims to attract future rounds of funding from international investors through private and public markets. IFC Country Manager for Bangladesh Wendy Werner said the IFC, along with other co-investors, would help Summit Group add significant electricity-generation capacity to Bangladesh’s national grid. “This is a positive signal to future developers and investors in the Bangladesh power sector.”IFC previously financed Summit Group-related projects Khulna Power in 1999 and Bibiyana in 2015.

Source: bd News24 September 08, 2016 18:45 UTC