Bangladesh Finance and Investment Company on Thursday signed a Memorandum of Understanding (MoU) with US-based Sovereign Infrastructure Group (SIG), a global financing company that works with project sponsors and Multilateral Development Banks, and national and local governments.
Among others, Bangladesh Ambassador to the USA M Shahidul Islam and Chairman of BD Finance Manwar Hossain were present at the ceremony at Embassy of Bangladesh in Washington DC of USA.The MoU is expected to mobilize up to US $2 billion for infrastructural projects in Bangladesh in the next two years. This development took place following the launching of the US-Bangladesh Business Council by Prime Minister Sheikh Hasina on April 6.
Kyeser Hamid, managing director and CEO of BD Finance, and Lerry J Knox, co-founder and CEO of SIG, signed the MoU on behalf of their respective parties, said a press release on Friday.
According to the MoU, SIG will invest, in both debt and equity, in government and PPP projects, SEZs, and EPZs in Bangladesh, while BD Finance will work as representative of the SIG in Bangladesh.
In his remarks, BD Finance Chairman Manwar Hossain said, “This is the largest foreign investment effort by a financial institution in Bangladesh. This is our way of celebrating the 50th anniversary of Bangladesh’s Independence.”
Ambassador Shahidul Islam expressed hope that the MoU, by setting a purposeful collaboration framework, would benefit Bangladeshi clients as well as both SIG and BD Finance.
DMD of Anwar Group of Industries, Waeez Hossain, Vice-President of SIG Benjamin Levine and Professor Michael McDermott of Georgetown University also spoke on the occasion.