StanChart arranges Bangladesh’s first ever green bond for Pran Agro
Standard Chartered Bangladesh has arranged the country's first-ever green bond for Pran Agro Ltd, a concern of Pran-RFL Group.
The total face value of the bond is Tk 150 crore, the bank said in a statement today.
Pran Agro will use the proceeds the 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.
Ahsan Khan Chowdhury, chairman of Pran RFL Group; Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh; Uzma Chowdhury, finance director, and Fakhrul Ahsan, manager for corporate finance at Pran-RFL Group; Enamul Haque, managing director and head of client coverage, CCIB of the bank; Muhit Rahman, managing director and head of financial markets, and Md Maroof ur Rahman Mazumder, head of financing solutions, attend the financial closure ceremony at the head office of Pran-RFL Group.
"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," said Naser Ezaz Bijoy.
"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."
"We are entering a new era of green finance. The transition to a greener, more sustainable future presents new opportunities for businesses and communities," said Ahsan Khan Chowdhury.
"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."