MetLife invests Tk 257.5 crore in Runner’s sustainability bond
MetLife Bangladesh has invested Tk 257.5 crore in the country's first-ever internationally certified sustainability bond issued by Runner Automobiles Ltd.
This investment will contribute to the growth of Bangladesh's bond market and diversify MetLife's already robust portfolio of investments in the country, MetLife said in a press release today.
With the funding, MetLife's overall investments in the country's financial sectors will be over Tk 17,000 crore, it said.
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.
MetLife Bangladesh's CEO 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," he said.
Subir Kumar Chowdhury, chief executive officer of 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 the green energy technologies in community spheres around the country, Runner has joined hands with GurantCo for issuance of a sustainability bond worth Tk 267 crore, the first ever internationally certified bond in Bangladesh, he said.
Runner Automobiles has issued the sustainability bond to facilitate access to credit for customers who wish to buy lower-emitting three-wheelers, including electric-powered three-wheelers, and to support the construction of a 4MW rooftop solar plant for its manufacturing facility.
This initiative will grant an opportunity for around 7,000 drivers to become owners of three-wheelers, leading to income-generating prospects for drivers and downstream vehicle maintenance companies.
It is anticipated that these three-wheelers will offer taxi services to approximately 50,000 people in rural and urban areas of Bangladesh.