Dhaka, Bangladesh (BBN) – Bank Asia limited sets a new milestone through undertaking arrangement to finance pioneering projects in the food packaging industries, a step towards diversifying the country’s export sector.
The private commercial bank, as the lead arranger, signed a Memorandum of Understanding (MoU) for raising of syndicated term loan of BDT 511.56 million and BDT 503.12 million for Propac Limited and Packaging World Limited respectively, concerns of Atlas Group.
The 100 percent export oriented paper converting bag manufacturing plants will be established at Atlas Industrial Park, Gazipur.
The combined export of Atlas Group is projected to be $67.00 million in the upcoming year.
These will be the first of its kind of industry in Bangladesh for producing and exporting environmental friendly food bags to USA and Canada -the biggest markets for the products.
The entrepreneurs have taken necessary steps to maintain high standards of manufacturing process to meet stringent quality standards of these markets.
Bank Asia is going for financing of such kind of projects which also would promote green banking initiatives through low carbon emitting production process, as recycled papers would be used as raw materials for production of finished goods, leading to conservation of trees.
BBN/SSR/AD-05June12-10:10 am (BST)
