In 2014, ICD received a financing proposal from Rangpur Metal Industries Limited (RMIL), a subsidiary of Bangladesh’s prominent PRAN-RFL Group, through its Kuala Lumpur regional office. At the time, this was only ICD’s third transaction in Bangladesh, a market where ICD had limited presence and faced significant economic and country risk challenges.

Despite these hurdles, ICD recognized the project’s high development potential in a country needing substantial private sector investment. RMIL sought financing to expand its newly established factory for manufacturing bicycles and steel pipes—products the company had no prior experience producing.

To ensure feasibility, ICD engaged international technical consultants for an in-depth assessment of the project’s technical and financial viability. A robust commercial and technical due diligence process was undertaken in Bangladesh, involving an eight-member team of experts. Although market feasibility raised concerns—given the dominance of established players—ICD decided to proceed, confident in RMIL’s potential and the strength of its parent group.

In 2015, ICD approved a USD 20 million facility for RMIL with a six-year tenor, including a six-month grace period. The financing package included robust securities such as mortgages, equipment charges, share pledges, and guarantees. This funding formed part of a USD 50 million project co-financed with BRAC Bank, which also served as the Security Agent.

RMIL’s transformation has been remarkable. From an annual revenue of USD 27 million in 2015, the company now generates over USD 300 million, with a net income of USD 15 million and assets exceeding USD 200 million. It has become one of Bangladesh’s leading bicycle exporters to Europe and a market leader in its segment.

This success strengthened ICD’s confidence in Bangladesh, leading to significant expansion in the country. Today, Bangladesh represents ICD’s largest term finance portfolio, with an impeccable repayment record. RMIL’s journey highlights the transformative power of strategic investment and reinforces ICD’s mission of driving sustainable development across its member countries.