Four banks and a financial institution have teamed up to finance Tk 334 crore primarily under a syndicated loan agreement to set up an electric vehicle-manufacturing plant in Mirsarai, Chattogram by a private company. Agrani Bank, Islami Bank, First Security Islami Bank, Bangladesh Development Bank and Bangladesh Infrastructure Finance Fund Limited (BIFFL), a financial institution (FI), will arrange the fund to set up the car plant. A loan agreement was signed among the banks, FI and manufacturer Bangladesh Auto Industries Ltd (BAIL) in the city on Wednesday. BAIL is setting up the electric vehicle manufacturing plant in the Bangabandhu Shilpa Nagar. Lithium-ion battery, motor and controller for the vehicles will be manufactured under the project to ensure 75 per cent local value addition to the vehicle making it available at an affordable cost. Read: Introduce customer-friendly electric vehicle recharging policy: Nasrul