FMO and PROPARCO have 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. PROPARCO and FMO granted loans of USD 8m and USD 5m respectively, with a tenor of 7 years.
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 Wednesday.Through this transaction, PROPARCO and FMO, contribute to support economic growth and rural development in Bangladesh.
About FMO
FMO is the Dutch development bank. FMO has invested in the private sector in developing countries and emerging markets for more than 45 years. Our mission is to empower entrepreneurs to build a better world. We invest in sectors where we believe our contribution can have the highest long-term impact: financial institutions, energy and agribusiness. Alongside partners, we invest in the infrastructure, manufacturing and services sectors. With an investment portfolio of EUR 8 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. www.fmo.nl
