Infrastructure Development Company Limited (IDCOL) and The City Bank PLC have successfully closed a BDT 2,590 million term loan facility for Norp Knit Industries Ltd. (Unit 3) and Prudent Fashions Ltd. (Unit 2), two entities under Pearl Global’s Bangladesh operations.
The financing agreement was formally concluded at a ceremony held at Sheraton Dhaka on Wednesday.
City Bank acted as the arranger for the financing, while IDCOL provided BDT 1,600 million in long-term financing at a concessional and fixed interest rate. The partnership enabled the two institutions to structure a financing package aligned with the long-term investment requirements of the projects.
Norp Knit Industries, a ready-made garment (RMG) manufacturer, and Prudent Fashions, a garment washing facility, are scheduled to begin trial operations in September 2026.
The projects are expected to create more than 5,000 new jobs and deliver significant environmental and economic benefits. According to the project estimates, the facilities will save around 36,504 MWh of energy annually and avoid approximately 7,778 tonnes of carbon emissions each year.
The projects are also projected to generate around US$2.271 billion in export revenue over the next 10 years, further contributing to Bangladesh’s export-oriented manufacturing sector.
Speaking at the event, IDCOL Acting Managing Director S. M. Monirul Islam said IDCOL has been supporting energy-efficiency financing in Bangladesh since 2014, when the concept was still relatively new in the local market.
He said the two projects reinforce IDCOL’s nearly three-decade mandate of mobilizing long-term capital for investments that strengthen Bangladesh’s industrial base while improving its sustainability performance.
City Bank Additional Managing Director and Chief Financial Officer Md. Mahbubur Rahman and Pearl Global Bangladesh Operations Country Director Sanjay Sarkar also addressed the gathering.
The financing partnership highlights growing cooperation between development-oriented financial institutions and commercial banks to support sustainable industrial investment, energy efficiency and export-oriented manufacturing in Bangladesh.
