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Executive vice chairman of MRA Md Fashiullah handed over the much anticipated approval letter to Tushar Bhowmik, chief financial officer of BRAC, in a ceremony arranged by MRA on its own premises on Thursday afternoon.

MRA executive director Laxman Chandra Debnath, directors Muhammad Mazedul Haque and Md Nure Alom Mahadi and BRAC associate director Ashit Baran Das were also present at the ceremony.

The bond is unsecured, non-convertible, and fully redeemable with its tenure from one and a half years to five years. Institutional investors, corporates and high net worth individuals will be eligible to purchase this bond with a multiple of Tk 10 million.

RSA Advisory Limited is acting as a lead arranger of this issue and MTB Capital Limited is acting as trustee to the issue.

“Client’s savings and bank borrowings were the main source of funds for BRAC Microfinance. Now Bond issuance also comes as an alternative source of funding for the microcredit institutions,” BRAC CFO Tushar Bhowmik said.

BRAC expects that the bonds will help improve the livelihoods of people who need access to affordable financial solutions, especially in marginalised communities, in a more efficient way.

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