Pran to get $15m IFC loan for expansion
Sunday, 9 November 2008
Nalm-Ul-Karim
Pran Group, a leading agro-based company, may receive a US$15 million loan from the International Finance Corporation (IFC) for expansion of its production capacity, officials said on Friday.
They said the Foreign Loan Approval Committee (FLAC) of the government, headed by the central bank governor Salehuddin Ahmed, recently approved the loan proposal, made by Pran Group.
The group has the distinction of achieving prestigious certificate like ISO 9001:2000, and being the largest exporter of processed agro products with compliance of HALAL & HACCP to more than 70 countries.
Pran officials said the three-year expansion project will broadly cover six categories of products. These are beverage, culinary products, confectionery items, dairy products, snacks and premium rice.
"We'll raise our capacity, mainly in producing juice from agroproducts and confectionary items, which is growing at a rate of 15 per cent annually," an official said.
The IFC, a private sector lending arm of the World Bank, decided to sanction the loan at its meeting held on June 22 in Washington. The IFC later approved it in its meeting held on July 31.
Pran Group's sister concern -- Pran AMCL -- is the first Bangladeshi agro-based company to get approval for receiving foreign loan. Pran AMCL, a listed company, was established in 1993.
Pran Group, a leading agro-based company, may receive a US$15 million loan from the International Finance Corporation (IFC) for expansion of its production capacity, officials said on Friday.
They said the Foreign Loan Approval Committee (FLAC) of the government, headed by the central bank governor Salehuddin Ahmed, recently approved the loan proposal, made by Pran Group.
The group has the distinction of achieving prestigious certificate like ISO 9001:2000, and being the largest exporter of processed agro products with compliance of HALAL & HACCP to more than 70 countries.
Pran officials said the three-year expansion project will broadly cover six categories of products. These are beverage, culinary products, confectionery items, dairy products, snacks and premium rice.
"We'll raise our capacity, mainly in producing juice from agroproducts and confectionary items, which is growing at a rate of 15 per cent annually," an official said.
The IFC, a private sector lending arm of the World Bank, decided to sanction the loan at its meeting held on June 22 in Washington. The IFC later approved it in its meeting held on July 31.
Pran Group's sister concern -- Pran AMCL -- is the first Bangladeshi agro-based company to get approval for receiving foreign loan. Pran AMCL, a listed company, was established in 1993.