The World Bank’s International Finance Corporation (IFC) has extended $30 million loan to two of Pran-RFL Group’s food companies to help these continue raw material imports and take bank loans amid an acute US dollar shortage in the country.

The loan has been dubbed as IFC’s first long-term financing for supporting working capitals of a business entity in Bangladesh. Pran Dairy Limited (PDL) and Habiganj Agro Limited (HAL) are the recipients of the loans.

The $30 million IFC loan for the selected companies would boost food and beverage exports from Bangladesh and help retain over 30,000 jobs at Pran-RFL Group.

PRAN-RFL Group Director Uzma Chowdhury told reporters that the new IFC loan will ensure the long-term stability of the group’s food business operations and help sustain existing operations amid a foreign exchange crisis leading to dwindling raw material imports.

IFC will also provide consultations to PRAN-RFL Group for developing its farmer-centric food supply chain in Bangladesh and decarbonising its agro-based activities, among other initiatives.