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Dhaka Tribune

ADB keen to issue Corporate Taka Bond for local businesses

In addition to corporate houses, the ADB  also wants to facilitate investment bond for the private entities interested in the economic zones

Update : 28 Nov 2019, 09:08 AM

The Asian Development Bank (ADB) yesterday expressed its  keen interest to launch the Corporate Taka bond for corporate business houses in Bangladesh as an alternative source of long-term financing. 

In addition to corporate houses, the ADB  also wants to facilitate investment bond for the private entities interested in the economic zones.

A high profile delegation of the ADB including its Country Director for Bangladesh, Manmohan Prokash, and treasurer Pierre Van Peteghem informed the Finance Minister AHM Mustafa Kamal of it at a meeting at the latter's secretariat office, says  a statement issued by finance minister's public relations officer Gazi Touhidul Islam.

While placing the proposal, the ADB delegation said the alternative source of financing through issuing Corporate Taka Bond at international market would reduce the financing pressure on local banking sector, said the statement.

It would also help coming out of the culture of attaining long-term loan from banks and having short term deposits, it added.

Recently, World Bank Group’s private sector lending arm International Finance Corporation (IFC) launched a Bangladeshi Taka Bond called ‘Bangla Bond’ worth $9.5 million or Tk800 million, which was listed on the London Stock Exchange (LSE) on 11th of November.

According to IFC, the proceeds of the first-ever bond issued in the international markets would be used for expanding operations and distribution for PRAN Group, one of Bangladesh's leading processed food and beverage manufacturers and a major private sector employer in the country.

The IFC says the Bangla Bond drew huge response from international buyers.

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