MetLife invests Tk 257.5 crore in Runner’s sustainability bond
MetLife Bangladesh has invested Tk 257.5 crore within the nation’s first-ever internationally licensed sustainability bond issued by Runner Vehicles Ltd.
This funding will contribute to the expansion of Bangladesh’s bond market and diversify MetLife’s already strong portfolio of investments within the nation, MetLife mentioned in a press launch right now.
With the funding, MetLife’s general investments within the nation’s monetary sectors can be over Tk 17,000 crore, it mentioned.
The bond is absolutely assured by GurantCo, which is a part of the Personal Infrastructure Growth Group.
Inexperienced Delta Capital Restricted is the arranger and advisor and DBH is the trustee of the transaction.
MetLife Bangladesh’s CEO Ala Ahmad mentioned, “Our investments in Bangladesh proceed to develop, and we’re proud to be a associate in launching the nation’s first sustainability bond.”
“This landmark funding demonstrates our confidence within the development and prosperity of Bangladesh and its potential to grow to be a extra developed monetary market,” he mentioned.
Subir Kumar Chowdhury, chief government officer of Runner Vehicles PLC, mentioned: “Since inception, Runner Vehicles PLC has endeavoured to introduce superior and environment-friendly applied sciences to the car business of Bangladesh and create a sustainable influence within the transportation sector.”
To develop Runner’s eco-friendly mobility options and likewise promote the inexperienced power applied sciences in neighborhood spheres across the nation, Runner has joined palms with GurantCo for issuance of a sustainability bond price Tk 267 crore, the primary ever internationally licensed bond in Bangladesh, he mentioned.
Runner Vehicles has issued the sustainability bond to facilitate entry to credit score for patrons who want to purchase lower-emitting three-wheelers, together with electric-powered three-wheelers, and to help the development of a 4MW rooftop photo voltaic plant for its manufacturing facility.
This initiative will grant a possibility for round 7,000 drivers to grow to be homeowners of three-wheelers, resulting in income-generating prospects for drivers and downstream car upkeep firms.
It’s anticipated that these three-wheelers will supply taxi providers to roughly 50,000 individuals in rural and concrete areas of Bangladesh.