$15m IFC loan for PRAN business expansion

International Finance Corporation (IFC), a member of the World Bank group, has financed 15 million dollars to PRAN group, a leading agro processing and export company in the country.

This was disclosed at a press conference at the National Press Club yesterday.

Among others, Major General (retd) Amjad Khan Chowdhury, chief executive of PRAN Group, Uzma Chowdhury, director of Pran Group, Per Kjellerhaug, regional manager for IFC-Bangladesh, Bhutan, Maldives, Nepal and Sri Lanka were present at the conference.

The loan will support PRAN Group's strategic investment plan in six food categories, such as snacks, confectionery, juice, beverage, culinary products, dairy and premium rice over the next three years.

PRAN Group aims to make high-quality, low-cost, processed and packaged food readily available to the lower and middle-income population of Bangladesh and other countries it serves, said Amjad Khan Chowdhury.

“One of the IFC's main priorities in the region is to support local companies in priority sectors such as food processing, particularly those with significant benefits to local suppliers and employment,” said Per Kjellerhaug.

Oscar Chemerinskl, IFC director for Global Agribusiness, in separate statement said, “IFC is proud to be making its first investment into the critically important agribusiness sector in Bangladesh.