Bangladesh’s maiden green bond

SCB arranges for Pran Agro Limited

November 28, 2021 00:00:00

Naser Ezaz Bijoy (fifth from left), Chief Executive Officer of Standard Chartered Bank and Ahsan Khan Chowdhury, Chairman, PRAN RFL Group seen in the signing ceremony

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 BDT 1.50 billion. The proceeds of the bonds will be utilised to finance green and energy-efficient initiatives of PRAN Agro Limited, according to a statement.

PRAN Agro Limited will use the proceeds 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. 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. It is not only the first green bond in the country, it is a bold statement to PRAN’s commitment to sustainability. This pioneering transaction was achieved with the guidance of Bangladesh Security Exchange Commission, under the visionary leadership of Professor Shibli Rubayat-Ul-Islam. We hope that this bond will pave the way for others – highlighting that finance can play a role as an important force for good.”

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. We see significant potential in the green finance space in Bangladesh, and look forward to more exciting developments in the future”

Financial closure ceremony was arranged at the Head office of PRAN-RFL Group. 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.