CDC, the UK’s development finance institution, will provide USD 15 million to RFL Electronics Limited, a sister concern of PRAN-RFL Group. The loan will be used to acquire equipment for producing consumer electronic goods for the local market, a press release said.
The agreement was signed between RFL Electronics and CDC on Wednesday evening at a city hotel. Uzma Chowdhury, Corporate Finance Director of PRAN-RFL Group and Richard Palmer, CDC’s Head of Corporate Debt, signed the agreement for their respective organizations.
CDC is investing alongside Standard Chartered Bank Bangladesh who are providing an additional USD three million, for a total financing package of USD18 million.
Now, RFL Electronics isproducingtelevision, refrigerator, air-conditioner, rice cooker, blender, microwave oven, electric kettle, infrared cooker, roti maker, room heater, iron and fan under the Vision brand in Bangladesh.The investmentwill support the creation of 1500 manufacturing jobs.
Uzma Chowdhury said, “Consumer Electronics goes a long way in improving livelihood if it can be offered at affordable price. In order to make it affordable, the industry needed to be setup within Bangladesh. We are delighted to have CDC as our partner.”
Richard Palmer said:”As Bangladesh’s economy grows we see our investment in RFL Electronics as an opportunity to create jobs, meet the growing demand for consumer goods and help the country boost its local manufacturing.”
Ahsan Khan Chowdhury, Chairman and CEO of PRAN-RFL Group, RN Paul, Managing Director of RFL Group, SriniNagarajan, Head of South Asia, Rahul Shah, Nicolas Pitiot and Partha Shah, Investment Directors at CDC, among others, were present on the occasion.
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US lawmakers have voted to pass a two-year budget, meaning the country’s second shutdown in three weeks could end before the working day begins.The measures have passed the Senate and the House but still need to be signed off by President Donald Trump.
Federal funding for government services expired at midnight (05:00 GMT), after the Senate missed a voting deadline.
The 600-page plan proposes an increase in spending, by about $300bn (£215bn), on defence and domestic services.
Senators struggled with last-minute objections from Republican Rand Paul, meaning they did not vote in time. The shutdown came within three weeks of the last one, as lawmakers wrangle over the spending plan and other political demands on either side.
What does a shutdown mean for ordinary people?
Many government agencies close during a shutdown as their future funding is theoretically not secure. Many employees are asked not to come to work and will not be paid – although some will get back pay.