IDCOL, City Bank partner to provide Tk259cr

Infrastructure Development Company Limited (IDCOL) and City Bank PLC have completed the financial closing of a Tk259 crore term-loan facility for two Pearl Global concerns in Bangladesh.

The financing was extended to Norp Knit Industries Ltd Unit 3 and Prudent Fashions Ltd Unit 2, with the closing marked at a ceremony at Sheraton Dhaka on recently, according to a press release.

City Bank served as the arranger of the financing, while IDCOL contributed Tk160 crore in long-term financing at a concessional fixed rate.

The collaboration enabled the two 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, are scheduled to begin trial operations in September 2026.

The financing is projected to create more than 5,000 jobs and save an estimated 36,504 megawatt-hours of energy annually.

The projects are also expected to prevent 7,778 tonnes of carbon emissions each year and generate approximately $2.271 billion in export revenue over the next 10 years.

IDCOL Acting Managing Director SM Monirul Islam said the organisation had been involved in energy-efficiency financing in Bangladesh since 2014, when the concept was still new to the market.

He said the two projects reinforced IDCOL’s nearly three-decade mandate to channel long-term capital into projects that strengthen Bangladesh’s industrial base and sustainability profile.

City Bank Additional Managing Director and Chief Financial Officer Md Mahbubur Rahman and Pearl Global Bangladesh Operations Country Director Sanjay Sarkar also addressed the gathering.