Export Credit Norway and GIEK are collaborating on a EUR 22 million loan facility for the Bangladeshi company Abul Khair Steel & Power Ltd. The loan will fund a purchase of gas engines from the Norwegian company Bergen Engines AS.

“We are very pleased with the contract and greatly appreciate the good cooperation we have had with Export Credit Norway Jon Erik Rob

“We are very pleased with the contract and greatly appreciate the good cooperation we have had with Export Credit Norway in this case. The new power plant will consist of eight of our largest gas engines and will generate as much as 50 MW of power to what will become the largest steel plant in the country”, says Jon Erik Rob, Director of Sales & Services.The gas engines will be installed at a power plant serving the Abul Khair Group’s steelworks in Chittagong, in order to stabilise energy supply and thus production. The loan has a maturity of 8.5 years, and is guaranteed by GIEK (90%) and HSBC Hong Kong (10%).