BRAC Bank launches first energy efficiency financing loan

Posted by BankInfo on Mon, Feb 29 2016 12:24 pm

BRAC Bank launched "Planet Solutions", Bangladesh's First Energy Efficiency Financing Loan to assist readymade garments and textile industries to invest in energy efficiency technology.  The loan is targeted to the RMG & textile industry who will invest in energy efficiency technology and the Technology Service Provider Companies who provide energy efficiency solutions.  Mr. S K Sur Chowdhury, Deputy Governor, Bangladesh Bank, and Mr. Selim R. F. Hussain, Managing Director & CEO, BRAC Bank Limited, formally launched the loan product at a workshop on Water & Energy Efficiency Financing organized by International Finance Corporation (IFC), at a hotel in Dhaka on February 28, 2016. Wendy Werner, Country Manager of IFC Bangladesh, Mr. Siddique Zobair, Member (EE&C), Sustainable and Renewable Energy Development Authority (SREDA), were also present. IFC is providing technical assistance to BRAC Bank in launching the product.  This product will be an unsecured financing with an interest rate of 6% per annum. Entrepreneurs and the Technology Service Provider Companies will be able to avail the Planet Solution loan with Flexible loan tenors based on payback period within minimum processing time.  On the occasion, Mr. Selim R. F. Hussain, Managing Director & CEO, BRAC Bank Limited, "I would like to stress on the strong partnership we have developed over the years with IFC in working on Green Finance. IFC's customized and tailor-made support for BRAC Bank, complemented with their global knowledge and expertise has helped us structure, plan and launch the very first Energy Efficiency Loan product in Bangladesh. We look forward to becoming a market leader in the Green Finance space in Bangladesh."

News:Financial Express/29-Feb-2016
Posted in News, Banking