Economic Reporter :
Bangladesh Finance and Investment Company (BFIC) signed a Memorandum of Understanding (MoU) with US-based Sovereign Infrastructure Group (SIG) to mobilize US capital market investors into Bangladesh infrastructure projects.
With a project pipeline of more than $2 billion, BD Finance has mandated SIG on the following initial financing: Direct senior loan of $40 million to be used for on-lending to Small and Medium Enterprises (“SMEs”), green energy projects, women entrepreneurs, social housing, economic empowerment initiatives for transgender individuals, and the refinancing of existing BD Finance obligations.
On the occasion, a signing ceremony was hosted by the Embassy of Bangladesh in Washington on Thursday, according to a press release.
Kyser Hamid, Managing Director and CEO of BD Finance, and Lerry Knox, co-founder and CEO of SIG, signed the memorandum earlier on behalf of their respective parties.
SIG Co-Founder and CEO Lerry Knox said, “Bangladesh is currently on track to invest an impressive $417 billion in infrastructure by 2040. Through our engagement with BD Finance, SIG hopes to play a leading role with our partners to support the country’s tremendous growth.”
“The Memorandum between SIG and BD Finance lays the framework for our collaboration. We are honored to sign this Memorandum with BD Finance and look forward to many years of contributing to Bangladesh’s economic growth,” he added.
Benjamin Levine, vice president of Sovereign Infrastructure Group said “Today’s event commemorating the Memorandum between SIG and BD Finance is the beginning of a worthy endeavor-one that will support Bangladesh’s economic growth for years to come.”
