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Banks Support Bangladesh's Poultry Industry

by 5m Editor
3 November 2009, at 9:30am

BANGLADESH - HSBC is is one of several banks in a syndicate offering long-term financing poultry companies. One of the latest to benefit is Kazi Farms Group.

The Hongkong and Shanghai Banking Corporation (HSBC) Ltd in Bangladesh is arranging the largest syndicated term financing in the poultry sector for Kazi Grand Parents Limited, reports New Nation from Bangladesh. Kazi Grand Parents is a concern of Kazi Farms Group.

A ceremony, marking the financial closure was held recently at a city hotel. Chief Executives and senior officials of banks and Kazi Farms were present on the occasion. A syndicate of twenty banks will be providing 1,250 million taka (BDT) long-term financing and BDT 600 million working capital facilities for the expansion of poultry projects. The expansion projects will primarily establish backward linkage facilities for producing day-old chicks and poultry feed for the poultry farmers of the country. Day-old chicks and poultry feed are the raw materials required by the poultry farmers to produce chicken and table eggs.

Apart from HSBC, the other banks in the syndicate are Bank Asia Limited, BRAC Bank Limited, The City Bank Limited, Commercial Bank of Ceylon PK., Dhaka Bank Limited, Dutch Bangla Bank Limited, Eastern Bank Limited, ICB Islamic Bank Limited, IFIC Bank Limited, Mercantile Bank Limited, Mutual Trust Bank Limited, National Bank Limited, One Bank Limited, Prime Bank Limited, Pubali Bank Limited, Southeast Bank Limited, Trust Bank Limited, United Commercial Bank Limited, and Shahjalal Islami Bank Limited.

New Nation reports that the poultry sector has been making significant contributions to the national economy. It is estimated that the poultry farmers are currently producing more than 400 million broilers and 6.6 billion eggs every year. At present, around 40 per cent of country's meat requirement is met by poultry and the sector is growing at the rate of more than 10 per cent. The sector is not only supplying animal protein at an affordable price, but also creating more than 6.0 million employments in the country.