Page 22 - ICD-AR22-English

number of jobs generated from this new project is estimated to be 800. The project was implemented by in-house engineers within the Abul Khair Group with the help of the equipment supplier. With the addition of the new production lines, the company was able to enhance the quality of its existing products and increase product offerings to clients worldwide.
Abul Khair Group is an existing client of ICD. In the past, ICD extended USD 25.00 million of financing for constructing a 1 million MT per annum steel billet production factory for Abul Khair Steel Melting Limited (AKSML), another subsidiary of the Group. The company is now the largest steel billet production plant in Bangladesh. The ICD facility
has been repaid in full and the plant is now fully operational and is planning to expand its capacities.
3.2 Supporting Uzbekistan’s energy transition and enhancing its power supply
Stone City Energy B.V. (the “Investor” or the “Founding Sponsor”) was established in 2019
to help Uzbekistan increase energy efficiency and electrical output as well as to strengthen the country’s energy security. This is expected to
be achieved by the development of a 1,560 MW Combined Cycle Gas Turbine (CCGT) power plant (the “Project”) to be located in the Surkhandarya region of Uzbekistan. Following a series of negotiations, SCE-Quvvat LLC (the “Project Company”) was established in March 2021 and
the Power Purchase Agreement (PPA) and the Investment Agreement (IA) were executed between
IN ADDITION TO ITS MAIN OBJECTIVE OF POWER PRODUCTION, THE CCGT POWER PLANT PROJECT WILL ALSO FULFIL A STRATEGIC ROLE FOR THE STABILITY OF UZBEKISTAN’S POWER GRID.
20 ICD ANNUAL REPORT 2022