Business Report :
The Aga Khan Fund for Economic Development (AKFED) and BRAC on Saturday signed an agreement on strategic partnership, says a press release
It will entail BRAC principally acquiring a lead equity stake in Industrial Promotion Development Company of Bangladesh Limited (IPDC), a publicly listed non-banking financial institution.
Under the agreement, BRAC, Ayesha Abed Foundation and RSA Capital Limited will acquire an equity stake in IPDC from AKFED and assume the role of lead managers, subject to approvals from the Bangladesh Bank and from the Bangladesh Securities and Exchange Commission.
This strategic alliance is expected to enhance IPDC’s capacity for growth and for its product offering in the large, medium and small-scale industrial, retail and consumer market segments in Bangladesh, said a media release on Saturday.
Speaking on the occasion of the signing, BRAC Chairperson Sir Fazle Hassan Abed KCMG said it is an exciting opportunity for BRAC to enter into a strategic partnership with AKFED in taking IPDC to new levels of growth and expansion by providing socially responsible financial services to the people of Bangladesh.
“This is a common goal of both BRAC and AKFED,” he said.
AKFED Director Sultan Ali Allana who was present at the signing ceremony said they greatly value their strategic alliance with BRAC and they remain committed to strengthening IPDC as it progresses and grows by increasing its product offering and its outreach to encompass a wider population base in Bangladesh.
The Aga Khan Fund for Economic Development (AKFED) and BRAC on Saturday signed an agreement on strategic partnership, says a press release
It will entail BRAC principally acquiring a lead equity stake in Industrial Promotion Development Company of Bangladesh Limited (IPDC), a publicly listed non-banking financial institution.
Under the agreement, BRAC, Ayesha Abed Foundation and RSA Capital Limited will acquire an equity stake in IPDC from AKFED and assume the role of lead managers, subject to approvals from the Bangladesh Bank and from the Bangladesh Securities and Exchange Commission.
This strategic alliance is expected to enhance IPDC’s capacity for growth and for its product offering in the large, medium and small-scale industrial, retail and consumer market segments in Bangladesh, said a media release on Saturday.
Speaking on the occasion of the signing, BRAC Chairperson Sir Fazle Hassan Abed KCMG said it is an exciting opportunity for BRAC to enter into a strategic partnership with AKFED in taking IPDC to new levels of growth and expansion by providing socially responsible financial services to the people of Bangladesh.
“This is a common goal of both BRAC and AKFED,” he said.
AKFED Director Sultan Ali Allana who was present at the signing ceremony said they greatly value their strategic alliance with BRAC and they remain committed to strengthening IPDC as it progresses and grows by increasing its product offering and its outreach to encompass a wider population base in Bangladesh.
