Completed Development AidData Chinese Aid

ICBC provides 16.53 billion BDT loan for Ghorasal 365 MW Combined Cycle Power Plant Project

$150.27M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Joint Venture of China National Technical Import and Export Corporation (CNTIC) and China National Machinery Import and Export Corporation (CMC)
Country	Bangladesh
Start Date	Feb 01, 2015
End Date	Feb 04, 2029
Duration	5,117 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`69108`

Grant Description

ICBC provides 16.53 billion BDT loan for Ghorasal 365 MW Combined Cycle Power Plant Project In February 2015, the Industrial and Commercial Bank of China (ICBC) issued a 16.53 billion BDT (nearly $202.5 million) loan to the joint venture of China National Technical Import and Export Corporation (CNTIC) and China National Machinery Import and Export Corporation (CMC) for the Ghorasal 365 MW Combined Cycle Power Plant Project in Bangladesh.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following borrowing terms: an interest rate of LIBOR plus a 3

📅 Maturity10 years

⏳ Grace Period5 years

The Government of Bangladesh provided a sovereign guarantee for this loan on February 16, 2015.

The proceeds of the ICBC loan were used to be used by the borrower to finance about 83% of the 19.44 billion BDT (nearly $244 million) commercial contract signed in May 2013 with a joint venture between China National Technical Import and Export Corporation (CNTIC) and China National Machinery Import and Export Corporation (CMC).

Project implementation commenced in January 2014, and the construction of the plant was originally expected to be completed by June 2016. However, the project ran into delays. ICBC reportedly 'failed to disburse money on time'.

On January 30, 2018, this power plant was completed after successfully conducting a combined cycle commercial trial operation. It was officially handed over the the Bangladeshi side on May 15, 2018.

📋 Staff Comments

The Chinese project title is 孟加拉古拉绍电站项目.
Although AidData could only identify the BDT-denominated amount, ICBC loans are typically denominated in USD. For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
According to Energy Bangla reporting from April 2014, the total project cost was 25.11 billion BDT (about $306.32 million USD). The Government of Bangladesh and the state-run Bangaldesh Power Development Board (BPDB) were supposed to finance any costs ICBC did not.
This source (https://pemecbd.com/ghorasal365.html) says the contract value with the Chinese contractors was US$ 1,302,354.
It is also said the completion date was December 2014. These claims contradict many of the official sources.

📚 Sources & References

Ghorasal 365 MW plant starts supplying electricity to national grid
Ghorasal Gas Power Plant Bangladesh
Statement VIA Loans & Advances and Other Non-Development Expenditure
GHORASAL 365MW GAS BASED COMBINED CYCLE POWER PLANT PROJECT.
Bangladesh approves 365 MW Ghorasal power plant
Ecnec green-lights power plant in Ghorashal
Ghorasal 365mw plant starts operation
Statement VIA Loans & Advances and Other Operating Expenditure
Hard-term loan for 3 power plants
Overseas Attraction: CNTIC Bangladesh Ghorasal Power Station Projects Successfully Completed Pre-launch Monitoring and Inspection of the Unit's Combined Cycle and Start-up and Grid Connection
Bangladesh Ghorasal Power Project of CNTIC Formally Signed Commissioning and Performance Test Service Contract
Overseas Attraction: CNTIC Bangladesh Ghorasal Power Station Project Successfully Completed 168 Hours’ ICO Trial Operation of Gas Turbine Single Cycle
中技公司孟加拉古拉绍燃机电站项目喜获承包商会“2019中国境外可持续基础设施项目”荣誉
Bangladesh approves 365 MW Ghorasal power plant
中国通用技术集团孟加拉古拉绍电站项目正式移交
List of Guarantee
Govt approved Ghorasal 365 MW power plant
中国驻孟郑清典大使夫妇、林维强商务参赞走访巴拉普库利亚煤矿及电站
中国驻孟加拉国大使郑清典考察巴拉普库利亚煤矿、电站项目
COMMITMENT
DISBURSEMENT AND REPAYMENT OF SUPPLIERS'/BYERS CREDIT (ACTIVE)
COMMITMENT
DISBURSEMENT AND REPAYMENT OF SUPPLIERS'/BYERS CREDIT (ACTIVE)
Agreements/MoUs between Bangladesh countries of Far East
COMMITMENT
DISBURSEMENT AND REPAYMENT OF SUPPLIERS'/BYERS CREDIT (ACTIVE)
COMMITMENT
DISBURSEMENT AND REPAYMENT OF SUPPLIERS'/BYERS CREDIT (ACTIVE) Upto 30 June 2014
Table-7.3 COMMITMENT
DISBURSEMENT AND REPAYMENT OF OTHERS EXTERNAL LOANS (ACTIVE) Upto 30 June 2024
China National Energy Engineering & Construction Co.,Ltd.
三十年了！中机在孟加拉做了什么？
COMMITMENT
DISBURSEMENT AND REPAYMENT OF SUPPLIERS'/BYERS CREDIT (ACTIVE)
CMC leaders met with the visiting agent of Bangladesh Barapukuria Coal Mine & Power Plant Projects
Dhaka-Beijing.
CMC continues to explore opportunities in Bangladesh
China-Loan
Natural Radioactivity of Feed Coal and Its by-products in Barapukuria 2×125 MW Coal Fired Thermal Power Plant
Dinajpur
Bangladesh
上海电站设备走出国门首次出口孟加拉国
Slowing the Growth of Coal Power Outside China: The Role of Chinese Finance
A Resurgent China: South Asian Perspectives
List of Guarantee (Valid beyond 30 June, 2022) Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.