German co extends $15m to PRAN-RFL Group entity

A German finance and development organisation will provide a long-term loan worth US$ 15 million to the Banga Building Materials Ltd (BBML), a concern of PRAN-RFL Group.
The loan from Deutsche Investitions - und EntwicklungsgesellschaftmbH (DEG) will be used to extend its existing capacity and set up new production lines for fans and energy-saving LED lights of the BBML, according to a statement.
The agreement was signed between BBML and DEG on Wednesday at a city hotel. Uzma Chowdhury, Corporate Finance Director of PRAN-RFL Group, and JochenSteinbuch, Regional Director of DEG, signed the agreement for their respective organisations.
Speaking at the programme, Ahsan Khan Chowdhury, chairman and CEO of PRAN-RFL Group, said, "We are delighted to have DEG as our partner and adviser offering us sufficient fund for the project at an affordable price which in return allows us to launch new products at an attractive price to the consumers."
He also said BBML generates most of its turnover by producing pipes, door panels and bathroom fittings.
Currently, BBML has around 4,000 staff members while the new investment will create another 1,500 jobs.
"We enjoy a good working relationship with Banga Building Materials and are now supporting the company in expanding its capacity in existing fields of activity and tapping into new ones. In doing so, we are contributing to strengthening the local industry in Bangladesh," JochenSteinbuch said.
RN Paul, Managing Director of RFL Group, Md Israfil, Deputy Manager at Corporate Finance Department of PRAN-RFL Group, Antje Steiner, Director for Portfolio Management, and Florian Borgmann, Investment Manager of DEG, among others, were present on the occasion.

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