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First Taka bond listed on London Stock Exchange

November 12, 2019 12:00:00

Finance Minister AHM Mustafa Kamal (centre, on the left of a Bangladesh flag) and others seen at the enlistment ceremony of 'Bangla Bond', the first-ever Bangladeshi Taka-denominated bond, at the London Stock Exchange on Monday

The first-ever Bangladeshi Taka-denominated bond titled "Bangla Bond" was listed on the London Stock Exchange (LSE) on Monday which will help Bangladesh raise money from overseas investment, reports UNB.

The International Finance Corporation (IFC), a sister concern of the World Bank, floated the bond, said the Bangladesh High Commission in London on Monday.

Finance Minister AHM Mustafa Kamal, Prime Minister's Private Sector Industry and Investment Adviser Salman F Rahman and Bangladesh High Commissioner to the UK Saida Muna Tasneem attended the enlistment ceremony 'The Ring, The Bell' at the LSE.

Finance Minister Kamal highlighted the robust economic growth and major macroeconomic development in Bangladesh under the leadership of Prime Minister Sheikh Hasina.

He hoped that "Bangla Bond" would help raise money from overseas investment which is set to be invested back in Bangladesh for further strengthening its private sector.

UK government and IFC officials and investors from the UK and Bangladesh were present.

Initially, the Bangla Bond is equivalent to US$10 million on the London bourse and it will have a three-year maturity, with a 6.3 per cent annual rate of interest.

The IFC is the guarantor of Bangla Bond in the international market.

The proceeds from this bond in the European market will be invested back in Bangladesh for development of its private sector.

"The Ring, The Bell" ceremony was scheduled to be followed by an 'Investor's Roundtable' to showcase Bangladesh's growth story and investment opportunities.

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