ICD signs USD 20 Million Financing Facility with the Meghna Group, Bangladesh

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DHAKA, Bangladesh

 

The Islamic Corporation for the Development of the Private Sector (ICD) has signed financing agreement with the Meghna Sugar Refinery Limited of Bangladesh to assist in setting up a sugar refinery in the Meghna Economic Zone, Narayanganj.

ICD comes in as new partner alongside club of development financial institutions including KfW-DEG, FMO and the Austrian Development Bank.

Once completed, the project is expected to produce a capacity of 4,000 metric tons a day.

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 new refinery includes local procurement elements and will also contribute toward the development of the local community.

Coupled with electricity co-generation element to make efficient energy use, the project will make positive contribution towards a number of Sustainable Development Goals (SDGs).

“In line with our three years’ business plan, we are dedicated to supporting private investments in our member countries.” Said the signatories

On behald of other respective institions, Mr Ahmed Al-Akwaa, Division Head of Portfolio and Follow Up, ICD and Mr Mostafa Kamal, Chairman of Meghna Group signed the agreement.

“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.” said Mr. Ayman Amin Sejiny, CEO of ICD

“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.”  Concluded Mr Mostafa Kamal, the Chairman of Meghna Group