news - IDLC Finance and FMO sign USD 20 mln Term Facility Agreement

IDLC Finance Limited, the largest multi-product Financial Institution in Bangladesh, has recently signed an agreement with Dutch Development Bank, FMO for a USD 20 million 5 year term loan loan. Under this agreement, FMO will provide IDLC Finance funds to invest in SME, Consumer & Corporate client segments to meet their longer term funding requirements. In addition, FMO will also help IDLC in developing and implementing a sustainable ‘Environmental and Social Management System (ESMS)’ structure.

“This is the first time in over 25 years of operating in Bangladesh that the FMO have extended term funding to a NBFI. This partnership is further recognition of how IDLC Finance has grown in the last four years and how highly the co is rated by overseas multi-lateral stakeholders. The loan will further diversify and strengthen our funding base and thereby enhance the co’s profitability” commented Selim R.F. Hussain, CEO & Managing Director of IDLC Finance Limited.

“This transaction is a result of IDLC’s financial strength and a strong commitment by both management and shareholders to further improve Environmental and Social standards within the industry. FMO is honored to support IDLC in its future growth and its ambition to Finance Happiness.”, said Roger Hennekens , Senior Investment Officer Financial Institutions – Asia of FMO.

Roger Hennekens, Senior Investment Officer, Financial Institutions – Asia of FMO  and Selim R.F. Hussain, CEO & Managing Director of IDLC Finance Limited signed the facility document on behalf of their respective organizations.

IDLC Media Contact:

Jane Alam Romel

Head of Marketing Communications

e-mail: romel@idlc.com

FMO Media Contact:

Paul Hartogsveld

e-mail: p.hartogsveld@fmo.nl