IPDC to borrow €15m from German DEG

IPDC Finance Ltd received the green light from the central bank to borrow 15 million euro from a Germany’s development financial institution.

“Bangladesh Bank has accorded its approval through Standard Chartered Bank for availing the long term financing from Deutsche Investitions-und Entwicklungsgesellschaft (DEG), Germany,” said the local non-banking financial institutions in a filing with the Dhaka Stock Exchange on Tuesday.

However, it said the approval comes with certain conditions which will require IPDC to renegotiate the terms and conditions of the loan with the lender.

IPDC Company Secretary Samiul Hashim said, “This loan is being taken out for green financing. We initially agreed to accept the loan with certain conditions from the lending institution. The Bangladesh Bank has now imposed additional conditions. We’ll talk to them about it again now.”

As of August 31, 2022, sponsors and directors held 48.04 per cent, the government 21.88 per cent, institutions 9.94 per cent, and the general public 20.09 per cent.

On Tuesday, the company’s share price gained 7.36 per cent to Tk 70 on the Dhaka Stock Exchange.