The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IsDB) Group, signed a Islamic financing agreement with the Meghna Sugar Refinery Limited (MSRL) of Bangladesh to assist in setting up a sugar refinery in the Meghna Economic Zone, Narayanganj. The refinery, once completed, will have a capacity of 4,000 metric tons / day.
Mr Ahmed Al-Akwaa, Division Head of Portfolio & Follow Up, ICD and Mr Mostafa Kamal, Chairman of Meghna Group signed the agreement on behalf of their respective institutions.
On the occasion of the signing event, Mr Ayman Amin Sejiny, the CEO of ICD stated, “We are pleased to continue and expand our cooperation toward the private sector efforts in Bangladesh. In line with our three years’ business plan, we are dedicated to supporting private investments in our member countries, in a wide range of sectors such as, infrastructure, agribusiness and manufacturing.”
Mr Mostafa Kamal, the Chairman of Meghna Group said, “With the establishment of this new sugar refining plant, Meghna’s total sugar refining capacity will become the largest in Bangladesh. We thank ICD and our financing partners for their support in this project.”