BIFFL to finance electric vehicle manufacturing plant

Bangladesh Infrastructure Finance Fund Limited (BIFFL) will finance in the country's first electric vehicle (EV) manufacturing plant Bangladesh Auto Industries Ltd (BAIL).

A signing ceremony of the syndicated term loan of Tk 1,670 million was held recently in the capital while other financiers are Agrani Bank Ltd, Islami Bank Bangladesh Ltd, Bangladesh Development Bank Ltd and First Security Islami Bank Ltd.

BIFFL CEO SM Anisuzzaman chaired the signing ceremony while Agrani Bank Limited Managing Director & CEO Mohammad Shams-Ul Islam was present as the chief guest, said a media statement on Sunday.

According to the statement, the proposed project's cost is estimated to be Tk 3,350 million while financing at 50:50 debt-equity ratio for 8 years term. Fujiyan Taiyu Automobile Company Ltd., China is the technical partner of this investment.

BAIL plans to manufacture all sorts of vehicles starting from two-wheelers, three-wheelers, sedan, hatchback, and sport utility vehicles (SUV), and gradually start manufacturing pickup trucks, mini trucks, and multipurpose vehicles.

It has almost completed setting up the factory on 100 acres of land at Bangabandhu Sheikh Mujib Shilpa Nagar, Mirsharai, Chattogram. They expect to go for commercial operations within next few months and for products to hit the market by June or July of 2022.