Prime Bank Limited (PBL) has arranged a syndicated hire purchase loan facility worth Tk 230 million (23 crore) for Virgo Pharmaceuticals Limited (VPL).
PBL Managing Director Shahjahan Bhuiyan and VPL Managing Director Shafayatul Islam, on behalf of their organisations, signed an investment agreement to this effect in the city Thursday.
This is the country's first ever syndicated loan deal under Islamic Shariah.
PBL board of directors Chairman Imam Anwar Hossain, VPL Chairperson Syeda Mahbuba Akhter and advisory committee Chairman Azad Chowdhury, Khatib of Baitul Mokarram Mosque Obaidul Haque, Exim Bank MD Mashiur Rahman, Shahjalal Islami Bank Limited DMD Zillur Rahman and Bangladesh Association of Pharmaceutical Industries General Secretary Nazmul Hassan also attended the signing ceremony.
Anwar Hossain said, the syndicated loan facility will surely help VPL to launch new projects to produce modern and sophisticated tablets, capsules, liquids, semi-liquids, emulsion, ointment, cream etc, and in turn will reduce import of these medicines from abroad.
PBL MD Shahjahan Bhuiyan said, the financial support may encourage other financial institutions to provide syndicated loans under the Islamic Shariah, and encourage the local entrepreneurs to set up big projects.