Infrastructure Development Company Limited (IDCOL) and The City Bank PLC have successfully closed a Tk2,590 million term loan facility for Norp Knit Industries Ltd (Unit 3) and Prudent Fashions Ltd (Unit 2), two concerns under Pearl Global’s Bangladesh operations.
The closing ceremony was held at Sheraton Dhaka on Friday, reads a press release.
City Bank served as the arranger for the financing, while IDCOL contributed Tk 1,600 million through long-term financing at a concessional and fixed rate. The two institutions jointly structured the financing package to meet the long-term requirements of the projects.
Norp Knit Industries, a readymade garment (RMG) manufacturer, and Prudent Fashions, a washing facility, are scheduled to begin trial runs in September 2026.
The financing is projected to create more than 5,000 new jobs, save an estimated 36,504 MWh of energy annually, avoid 7,778 tonnes of carbon emissions each year and generate approximately USD 2,271 million in export revenue over the next 10 years.
Speaking at the event, SM Monirul Islam, acting managing director of IDCOL, said IDCOL has been active in energy efficiency financing in Bangladesh since 2014, when the concept was still new to the market.
He noted that the two projects reinforce IDCOL’s nearly three-decade mandate to channel long-term capital into projects that strengthen Bangladesh’s industrial base and sustainability profile.
Md Mahbubur Rahman, additional managing director and chief financial officer of City Bank, and Sanjay Sarkar, country director of Pearl Global Bangladesh Operations, also addressed the gathering.
