MetLife invests Tk 2.58bn in sustainability bond

MetLife Bangladesh has invested Tk2.58 billion in the country's first-ever internationally certified sustainability bond issued by Runner Automobiles Limited.
In this regard, a deal-signing ceremony was recently held at the head office of Runner Automobiles in the capital, according to a press release.
Among others, Runner Group Chairman Hafizur Rahman Khan and MetLife Bangladesh's Chief Executive Officer Ala Ahmad were present during the signing ceremony.
This investment will contribute to the growth of Bangladesh's bond market and diversify MetLife's already robust portfolio of investments in the country.
After this investment, MetLife Bangladesh's overall investments in the country's financial sectors now stand at Tk 17,000 crore.
The bond is fully guaranteed by GurantCo, which is part of the Private Infrastructure Development Group. Green Delta Capital Limited is the arranger and advisor, and DBH is the trustee of the transaction.
"Commenting on the investment, MetLife Bangladesh's Chief Executive Officer, Ala Ahmad, said, "Our investments in Bangladesh continue to grow, and we are proud to be a partner in launching the country's first sustainability bond. This landmark investment demonstrates our confidence in the growth and prosperity of Bangladesh and its potential to become a more developed financial market."
"Subir Kumar Chowdhury, CEO Runner Automobiles PLC, said, "Since inception, Runner Automobiles PLC has endeavoured to introduce advanced and environment-friendly technologies to the automobile industry of Bangladesh and create a sustainable impact in the transportation sector.
To expand Runner’s eco-friendly mobility solutions and also promote green energy technologies in community spheres around the country, Runner has joined hands with GurantCo for the issuance of a sustainability bond worth Tk 267.5 crore, the first-ever internationally certified bond in Bangladesh."
"In addition to making an employment-generating product more affordable for lower-income consumers in the country, the transaction is also Paris-aligned, as it will facilitate the implementation of the Government of Bangladesh’s transport and climate strategies. Moreover, the rooftop solar facility installed as a component of the transaction will significantly reduce reliance on the grid and backup diesel generators, lowering the carbon footprint, and the three-wheel vehicles backed by the transaction represent an environmental improvement compared to other vehicles relying on other fossil fuels," he said.