SAJIDA Foundation get its green bond green lit by BSEC

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The first-ever green bond in the nation in favour of Sajida Foundation has been approved by the Bangladesh Securities and Exchange Commission (BSEC).

Tk 100 crore will be the value of the bond for a tenure of 2 years, which is unsecured, non-convertible and fully redeemable.

By issuing this bond, Sajida Foundation will be able to enhance its micro-credit operations with new and ongoing projects. The fund will also be used for the development of the environment.

The securities regulator approved the bond in a meeting presided over by BSEC Chairman, Professor Shibli Rubayat-Ul-Islam, on April 7.

A green bond is defined as the fixed-income instrument which is specifically allocated to raise money for climate and environmental projects. These kinds of bond are usually asset-linked and backed by the issuing entity’s balance sheet, so they usually carry the same credit rating as their issuer’s other debt obligations.

BSEC stated that the bond will be granted to institutional investors, insurance companies, corporate entities and prosperous individuals through private placement. The face value of each unit of the bond is Tk 10 lakh.

The trustee of the bond is Sena Kalyan Insurance Company Limited and the mandated lead arranger is Standard Chartered Bank.

SAJIDA Foundation started its journey in 1987 as a small garage school for disadvantaged children and since then, have grown exponentially. 

The NGO offers a diverse portfolio of microcredit products alongside quality healthcare services and various social development programs for six million patrons, working across 25 districts, with a dedicated team of 3,496 caring change makers.

Source:

THE BUSINESS STANDARD

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