2 private companies get $34m German investment

Economic Correspondent, DHAKA, Nov 5: Two private companies of the country`s garment and manufacturing sectors got 34 million US dollars from the German development finance institute, a press release of the German Embassy said.

Under two separate agreements with Banga Building Materials Ltd and Viyellatex, German finance institution DEG Deutsche Investitions-und Entwicklungsgesellschaft mbH will invest 34 million US dollars to support their expansion programme.

Maj Gen Amjad Khan Chowdhury (Retd), CEO of PRAN-RFL Group and David Hasanat, Chairman and Ahasan Kabir Khan, Vice Chairman of Viyellatex Group signed the loan agreement with DEG on behalf of their respective companies.

Dr. Albrecht Conze, German Ambassador in Dhaka and Dr. Norbert Kloppenburg, Member of the Board of German Development Bank KfW and of DEG`s Supervisory Board were present on the occasion.

Banga Building Materials Ltd, a concern of PRAN-RFL Group, will get 20 million US dollars from the German institution to invest in producing PVC made pipes, door panels and kitchenware.

Viyellatex, one of the largest readymade garment exporters of Bangladesh, also famous for its green and sustainable production initiatives, will get 14 million US dollars for setting up two carbon neutral green factories with Gold certification from LEED (Leadership in Energy and Environmental Design) by US Green Building Council (USGBC).

The expansion of the companies with additional investment will create around 2,000 jobs in Banga Builder while 4,500 jobs in Viyellatex.

risingbd/ASB