ICD signs $20 million financing facility with Meghna Group, Bangladesh

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IsDB) Group, signed a Islamic financing agreement with the Meghna Sugar Refinery Limited (MSRL) of Bangladesh to assist in setting up a sugar refinery in the Meghna Economic Zone, Narayanganj. The refinery, once completed, will have a capacity of 4,000 metric tons/day.

In addition to ICD, the project is also being financed by a club of development financial institutions including KfW-DEG, FMO and the Austrian Development Bank. The project is expected to create a direct employment of 1,123 people during its operation and will also generate revenue for the government. The project includes local procurement elements and will also contribute toward the development of the local community. The project will have electricity co-generation element, which will make efficient energy use. Finally, the project will make positive contribution towards a number of Sustainable Development Goals (SDGs).

Ahmed Al-Akwaa, division head of Portfolio & Follow Up, ICD, and Mostafa Kamal, chairman of Meghna Group signed the agreement on behalf of their respective institutions.

On the occasion of the signing event, Ayman Amin Sejiny, CEO of ICD stated, “We are pleased to continue and expand our cooperation toward the private sector efforts in Bangladesh. In line with our three years’ business plan, we are dedicated to supporting private investments in our member countries, in a wide range of sectors such as, infrastructure, agribusiness and manufacturing.”

Kamal, chairman of Meghna Group, said, “With the establishment of this new sugar refining plant, Meghna’s total sugar refining capacity will become the largest in Bangladesh. We thank ICD and our financing partners for their support in this project.” — SG

Source: http://www.saudigazette.com.sa

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