PROPARCO, FMO lends $13m to PRAN

Two international financial organizations, PROPARCO and FMO on Wednesday signed an agreement with PRAN Group to provide $13 million loan for developing infrastructure of its juice and beverage industries.

Société de Promotion et de Participation pour la Coopération Economique S.A. (PROPARCO), the French development finance institution, arranged the transaction for Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), the Dutch development finance institutions. PROPARCO and FMO granted loans of USD 8m and USD 5m respectively, with a tenor of 7 years, said a press release on Thursday.

PRAN, a leading food processor and exporter in Bangladesh, is borrowing the money for upgrading allied packaging system and set up cutting-edge technology for juice and beverage sections of its Gazipur factory under Mymensingh Agro Limited.

Ahsan Khan Chowdhury, deputy managing director at PRAN-RFL Group, Marjolein Landheer, head of agribusiness department at FMO, and Sebastien Fleury, regional representative (South Asia) at PROPARCO, signed the agreements on behalf of their respective firms.

Uzma Chowdhury, director of corporate finance at PRAN-RFL Group and Deanne Arends, investment officer at FMO were also present during the ink deal ceremony which was held at Radisson Hotel in the capital on February 3.

Through this transaction, PROPARCO and FMO, contribute to support economic growth and rural development in Bangladesh.

Ahsan Khan said “We will purchase brand new equipments for the juice and beverage industries.  Efficient machinery is essential to producing and maintaining quality products.”

“Moreover, it will help our business development and sustainability too,” he further said.

Ahsan Khan said PROPARCO and FMO’s co-operation would help to extend the maturity of its businesses.

Moreover, it also help the company become more efficient and more competitive in domestic and foreign markets.

PROPARCO and FMO feel proud for making its first investment into Bangladesh’s Thrust Growing Sector.

Both of the organizations said “They are very happy to support PRAN Group, a highly regarded company in Bangladesh, with footprints in rural and urban development.”