Standard Chartered Bank has arranged the first-ever Green Bond in Bangladesh for Pran Agro Limited, a concern of PRAN-RFL Group.
The total face value of the bond is Tk1.5 billion, reads a press release.
The proceeds of the bonds will be utilised to finance green and energy-efficient initiatives of PRAN Agro Limited.
The financial closure ceremony was arranged at the Head office of PRAN-RFL Group recently.
Standard Chartered Bank Bangladesh Chief Executive Officer Naser Ezaz Bijoy said "Bangladesh's very first green bond is another milestone in this journey, one in which Standard Chartered is proud to have played a role. We congratulate PRAN Agro Limited for this ground-breaking bond. We hope that this bond will pave the way for others – highlighting that finance can play a role as an important force for good."
PRAN RFL Group Chairman Ahsan Khan Chowdhury said, "We are entering a new era of green finance. The transition to a greener, more sustainable future presents new opportunities for businesses and communities. We would like to thank Standard Chartered for working with us on this transaction. We see significant potential in the green finance space in Bangladesh, and look forward to more exciting developments in the future"
PRAN-RFL Group Finance Director Uzma Chowdhury, Corporate Finance Manager Fakhrul Ahsan, CCIB Managing Director and Head of Client Coverage Enamul Haque, Managing Director and Head of Financial Markets Muhit Rahman and Standard Chartered Bank Head of Financing Solutions Md Maroof ur Rahman Mazumder was present on the occasion.
PRAN Agro Limited will use the proceeds this bond for initiatives such as recycling waste water, climate action through waste decomposing, building sustainable communities by providing employment among rural and poverty-stricken communities, preserving life on land through contract-based organic farming. Standard Chartered was the mandated lead arranger for this transaction.
The Financing Solutions unit of Standard Chartered Bank has put together over $7 billion equivalent local and foreign currency syndicated loan/debt facilities in power, telecommunication, infrastructure, food & beverage, textile, service and other key sectors.