Asim Auto Bricks Industry Raises BDT 330 Million Led By BIFFL To Set up Clean tech-based Brick Kiln
Asim Auto Bricks Industry is all set to get a loan of BDT 330 Million led by Bangladesh Infrastructure Finance Fund Limited (BIFFL) to set up an energy-efficient and eco-friendly brick manufacturing factory.
The loan is participated by Mercantile Bank and Meridian Finance and Investment where BIFFL, Mercantile Bank, and Meridian Finance and Investment provide BDT 200 million, BDT 100 million and BDT 30 million respectively. Asim Auto Bricks is expected to begin operation by February 2018 and produce 1 lakh bricks per day.
According to the Environment Department, there are 7,000-8,000 traditional brick kilns in Bangladesh that are responsible for about 37 percent of the environmental pollution in the country. Reducing the number of traditional brick kilns has become a matter of urgency in the recent years in order to curb the environmental pollution.
BIFFL has been supporting industrial transformation. The state-run financial institution has already invested BDT 500 Million in four green brick projects and has 20 more in the pipeline. It plans to invest in at least 100 automated tunnel kiln technology-based projects by 2021.