The City Bank Sanctions Credit of BDT 1.62 bln to Western Marine Shipyard, for shipbuilding & Export

Dhaka, 06 July, 2009: The City Bank Limited and Western Marine Shipyard Limited (WMShL) recently entered into a corporate agreement sanctioning a credit facility of BDT 1.62 bln to the country’s leading shipyard WMShL, to export 02 x 5200 DWT ocean going ice-class ships (out of 12 ships) for a German company. This “Agreement Signing Ceremony” was held in a branch of City Bank at Agrabad, Ctg. Top officials and officers from both sides who are working closely with the project were present in the occasion. These two ships are scheduled to be exported by Sep 2010.

The honorable Managing Director Mr. K. Mahmood Sattar, Deputy Managing Director – Business Mr. Sohail R. K. Hussain, and Sr. V. President & Head of CRM Mr. Md. Ehsan Khasru from City Bank’s part and Managing Director Mr. Md. Sakhawat Hossain, Operation Director Capt. ABM Fazle Rabbi, Director Mr. Abu Md. Fazle Rashid, & Director Mr. Shah Alam from Western Marine’s side were present amongst others. This agreement was signed by the Managing Director of City Bank Mr. K. Mahmood Sattar and the Managing Director of WMShL Mr. Md. Sakhawat Hossain, said a press release.

Both the organizations hoped that this agreement will prove to be very successful and the timely delivery of the two ships will not only bring prosperity and honor for the nation but will also help in developing the emerging shipbuilding sector of the country. The dignitaries in the occasion gratefully acknowledged the significant progress of Western Marine at such a short period of time. They are very hopeful about further success and wished that the organization shall be able to grab more international orders of shipbuilding in the coming days.

Western Marine presently has orders for five 4,100DWT ice-class container vessels for Denmark, twelve 5200DWT multi-purpose vessels for German owners and a few specialized vessels for a Finnish company, which occupies 60% capacity of the shipyard. The yard is now ready in all respect to take further orders from overseas.

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