BFBIL Signs Agreement with Agrani Bank

Agreement Signing of BFBIL

The Bashundhara Food and Beverage Industries Limited (BFBIL), an enterprise of the leading business and industrial conglomerate in the country – the Bashundhara Group (BG), has entered an agreement with Agrani Bank Limited as the lead arranger and seven of its consortium member banks and financial institutions for funding and enterprise development.

A giant industrial complex is being set up at Pangaon on the bank of the river Buriganga in Narayanganj under the latest enterprise development scheme. The complex is being set up on an area of 17.59 acres of land.

Chairman of the Bashundhara Group Mr. Ahmed Akbar Sobhan and the Managing Director of Agrani Bank Limited Mr. Syed Abdul Hamid signed the agreement in favor of their respective entities at a function that took place at the Westin Dhaka today.

Chief Advisor of the Bashundhara Group Mr. Mahaboob Morshed Hassan, Senior Deputy Managing Director Mr. Belayet Hossain, Deputy Managing Director Mr. Mustafizur Rahman, Advisor (Press & Media) Mr. Mohammad Abu Tayeb and representatives from the consortium member banks, senior bankers among others joined the agreement signing ceremony.

The Pangaon project has been planned and subsequently taken up for quick implementation at the back of ever increasing demands of quality consumer products in the country.

The project is being implemented at an estimated cost of Taka 4475.9 million. More investment in the project is likely in the expansion and modernization phases to be taken up later on.

Addressing the gathering Chairman of the Bashundhara Group Mr. Ahmed Akbar Sobhan lauded the investment friendly environment in the country. He welcomed both the honorable Prime Minister and the honorable leader of the opposition in parliament to be rational in their political approaches and become the promoters of the congenial atmosphere in the country in the years to come.

“I understand, economic emancipation and ultimate development are barely impossible without political stability and good governance”, he said.

Agrani Bank Limited, lead arranger to the mega project, is to lend Taka 720 million while its consortium members to provide the rest of the funds under soft terms and conditions.

The Pubali Bank Limited Taka 300 million, the Rupali Bank Limited Taka 300 million, the National Credit and Commerce Bank Limited (NCC) Taka 200 million, the Dhaka Bank Limited Taka 200 million, the Arab Bangladesh Bank Limited Taka 100 million, Bangladesh Commerce Bank Limited (BCBL) Taka 80 million and the Saudi- Bangladesh Industrial and Agricultural Investment Company Limited (SABINCO) Taka 100 million as the consortium members.

The BFBIL is likely to generate 12000 direct and indirect employments and help stabilize the markets of the consumer products in the country. The project is to play a significant role in the overall improvement of infrastructure.