• Friday, Nov 27, 2020
  • Last Update : 02:23 am

Bangladeshi firms ink $34m loans with DEG

  • Published at 06:20 pm November 5th, 2013

The German development finance institution DEG on Tuesday signed a total of $34m loan agreements with two Bangladeshi companies-VIYELLATEX Group and Banga Building Materials Ltd (BBML).

DEG has decided to provide long term loans totalling $20m to BBML, a sister concern of PRAN-RFL Group and $14m to VIYELLATEX, one of the largest readymade garment exporters of Bangladesh.

The loan agreements have different purposes including creation of 6,500 direct and 700 indirect jobs, said a press release.

BBML intends to invest the money in the expansion of its current machinery also in the development of a new green field site in Habiganj.

The investment creates 2,000 direct and 700 indirect jobs.

BBML’s production of households and housing plastic items such as cooking packages, cleaning utensils, pipes and frames contributes to the improvement of low income households’ conditions particularly in remote rural areas, said a statement.

It added the company has been addressing growing issues of the disposal of non-biodegradable plastics filing up a relevant part of the plastic production cycle and reducing dependency on imported resin through their recycling initiatives.

On the other hand, the investment of VIYELLATEX group will be utilised for setting up two carbon green factories with Gold certification from Leadership in Energy and Environmental Design (LEED) by US Green Building Council (USGBC) which will create 4,500 direct jobs, continued the statement.

DEG, a subsidiary of KfW Bankengruppe and one of the largest development finance institutions in Europe, has been providing long term financing to the private sector of developing countries for more than 50 years.

VIYELLATEX Group chairman David Hasanat, vice chairman Ahasan Kabir Khan and Pran-RFL Group chief executive officer Maj Gen (Retd) Amjad Khan Chowdhury singed the agreements with DEG on behalf of their respective companies.  

50
50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail