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Long-term German Fund for PRAN

image_671_155085The German development finance institution (DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH) $20 million will provide a long-term loan facility to Banga Building Materials Ltd (BBML), an enterprise of PRAN-RFL Group, a most famous food processing corporate group.

Dr. Norbert Kloppenburg, member of the Board of KfW and of DEG’s Supervisory Board and Maj Gen Amjad Khan Chowdhury (Retd), CEO of PRAN-RFL Group signed the loan agreement on behalf of their respective sides, said a press release.

Dr. Albrecht Conze, German Ambassador to Bangladesh was present.

BBML started its operation in 2008 with standard kitchenware items. Since then, it has diversified into new building plastics like PVC door leafs and household pipes, the press release said.

The DEG financing supports the expansion of BBML that intends to invest the fund in expansion of its current machinery as well as development of a new green-field production site in Hobiganj.

The production of households and housing plastic items would contribute to the improvement of the living conditions of low-income household, particularly in remote rural areas, it was claimed.

This is particularly true for BBML’s construction products, which, due to their corrosion resistance – are increasingly replacing iron pipes and frames in the humid climate of Bangladesh.

Through their own recycling initiatives, BBML and its corporate group PRAN-RFL are addressing growing issues of the disposal of non-biodegradable plastics filling up a relevant part of the plastic production cycle and reducing dependency on imported resin, the press release added.

The new initiative would create 2,000 direct and another 700 indirect jobs, the company expects adding, PRAN-RFL is one of the important employers in the rural north eastern part of Bangladesh.

The Group participates in various social activities in villages and makes special efforts in providing workers social, it added.

The group has 1,200 distributors and 120,000 retailers all over the country, creating significant income opportunities for small scale enterprises.

http://www.daily-sun.com/details_PRAN-gets-$20m-German-fund-for-expansion_671_1_3_1_0.html

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