CDC, the UK's development finance institution, will provide 15 million dollars to RFL Electronics Limited, a sister concern of PRAN-RFL Group, says a press statement.
The loan will be used to acquire equipment for producing consumer electronic goods for the local market.
The loan agreement was signed between RFL Electronics and CDC at a city hotel on Wednesday. Uzma Chowdhury, Corporate Finance Director of PRAN-RFL Group, and Richard Palmer, CDC's Head of Corporate Debt, signed the agreement.
CDC is investing alongside Standard Chartered Bank Bangladesh who are providing an additional three million dollars, for a total financing package of USD 18 million.
RFL Electronics is now producing television, refrigerator, air-conditioner, rice cooker, blender, microwave oven, electric kettle, infrared cooker, roti maker, room heater, iron and fan under the Vision brand in Bangladesh. The investment will support the creation of 1500 manufacturing jobs.
Uzma Chowdhury said, "Consumer electronics goes a long way in improving livelihood if it can be offered at affordable price. In order to make it affordable, the industry needs to be set up within Bangladesh. We are delighted to have CDC as our partner."
Richard Palmer said: "As Bangladesh's economy grows, we see our investment in RFL Electronics as an opportunity to create jobs, meet the growing demand for consumer goods and help the country boost its local manufacturing."
Ahsan Khan Chowdhury, Chairman and CEO of PRAN-RFL Group, RN Paul, Managing Director of RFL Group, Srini Nagarajan, Head of South Asia, Rahul Shah, Nicolas Pitiot and Partha Shah, Investment Directors at CDC, were present on the occasion.
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