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 Taka 1.50 billion. The proceeds of the bond will be utilized to finance green and energy-efficient initiatives of PRAN Agro Limited.
Ahsan Khan Chowdhury, Chairman, PRAN RFL Group; Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bank, Bangladesh; Uzma Chowdhury, Finance Director, and Fakhrul Ahsan, Manager, Corporate Finance, PRAN-RFL Group; Enamul Haque, Managing Director & Head of Client Coverage, CCIB; Muhit Rahman, Managing Director & Head of Financial Markets; Md Maroof ur Rahman Mazumder, Head of Financing Solutions, all representing Standard Chartered Bank, Bangladesh was present on the occasion, said a press release.
PRAN Agro Limited will use the proceeds of 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.
The release said Standard Chartered was the mandated lead arranger for this transaction.
Naser Ezaz Bijoy, Chief Executive Officer of Standard Chartered Bank Bangladesh, said, “In the last 50 years, Bangladesh has come a long way and is seen in the international stage as a role model of sustainable growth. 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.”
Ahsan Khan Chowdhury, Chairman, PRAN RFL Group, 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.”
Since pioneering in 1997, the Financing Solutions unit of Standard Chartered Bank has put together over $7.00 billion equivalent local and foreign currency syndicated loan/debt facilities in power, telecommunication, infrastructure, food and beverage, textile, service and other key sectors.