IFC mulls $6.5m investment in Bangladeshi cold chain logistics JV

IFC/World Bank HQ. Photo: IFC

International Finance Corporation (IFC) is considering a proposal to invest $6.5 million in an integrated temperature-controlled logistics joint venture in Bangladesh.

The project, which will be backed by IFC InfraVentures and Bangladeshi agribusiness firm Golden Harvest, will have a total cost of $21.7 million.

IFC InfraVentures is a $150-million global infrastructure project development fund set up to increase the pipeline of bankable projects in developing countries. Through the fund, IFC will have the right to a stake in the equity of the project at financial close.

The proposed project is expected to be implemented by Cold Chain Bangladesh Limited, a newly-formed special purpose vehicle in Bangladesh.

The new cold chain business will address the issues of conservation of energy, water, single-use consumable packaging, and avoidance of ozone-depleting substances in operation of cold storage units and handling and management of hazardous materials and hazardous wastes. The project also entails the acquisition of land for new cold storage units, and proactive stakeholder engagement.

Prior to this project, IFC has proposed and provided debt financing to several Bangladesh-based businesses, including United Commercial Bank Limited, BRAC Bank and Epyllion Knit Wear Limited.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.