Infrastructure Development Company Limited and City Bank PLC marked the closing of a Tk 2,590 million term loan facility extended to Norp Knit Industries Limited (Unit 3) and Prudent Fashions Limited (Unit 2), two concerns under Pearl Global’s Bangladesh operations, at a ceremony held at Sheraton Dhaka on Wednesday.
City Bank served as the arranger for the financing, said a press release.
IDCOL contributed Tk 1,600 million to the transaction, providing long-term financing at a concessional and fixed rate. This collaboration enabled the institutions to jointly structure a financing package tailored to the long-term requirements of both projects.
Norp Knit Industries, a readymade garment (RMG) manufacturer, and Prudent Fashions, a washing facility, will start their trial run in Sep 2026.
The financing is projected to create more than 5,000 new jobs, save an estimated 36,504 MWh of energy annually, avoid 7,778 tonnes of carbon emissions each year and generate approximately USD 2,271 million in export revenue over the next 10 years.
Acting managing director of IDCOL, SM Monirul Islam, noted during the event that IDCOL has been active in energy efficiency financing in Bangladesh since 2014, when the concept was still new to the market.
He noted that the two projects are reinforcing IDCOL’s nearly three-decade mandate to channel long-term capital into projects that strengthen Bangladesh’s industrial base and sustainability profile.
Additional managing director and chief financial officer of City Bank, Md Mahbubur Rahman and country director of Pearl Global Bangladesh Operations, Sanjay Sarkar, among others, attended the event.
