Dhaka, Bangladesh (BBN) – Asian Development Bank (ADB) on Wednesday signed a deal with a local food manufacture to lend US$25m for setting up three food manufacturing plants in Bangladesh.
The PRAN Group, the country’s leading food manufacture, has set up Sylvan Agriculture Limited to build a liquid glucose plant and a flourmill producing fortified flour and a frozen food processing plant.
The new plants are scheduled for completion by 2015.
“It is part of ADB’s efforts to promote productivity and competitiveness in Bangladesh’s agriculture and food processing sectors,” the Manila-based ADB said in a statement, adding that the project will help push the country’s agribusiness sector up the food value chain, increase food exports and improve food security and nutrition in Bangladesh.
“It is crucial to providing market linkages between farmers and food processing and export markets in the country,” the ADB noted.
The PRAN is the leading food and agribusiness company with $450m sales including $70m export sales. With 29,000 employees, it is one of the largest private sector employers in the country.
BBN/SSR/AD-14Nov12-8:15 pm (BST)