OeEB is providing Walton Hi-Tech Industries PLC., one of the leading manufacturers of electrical and electronic household appliances in Bangladesh, with a long-term loan of EUR 20 million. The company will use the funds to expand and modernize its production facilities – investments that will not only support Walton in meeting growing market demand but also increase energy efficiency and support the creation of 1,000 new jobs.
Environmentally-friendly household goods
Bangladesh has been among the fastest-growing economies in the world over the past decade. Improved living standards, a growing middle-class and increased access to energy have generated rising demand for electrical household goods.
Walton, one of the leading local companies, contributes to covering the needs for household goods such as refrigerators and freezers, televisions, air conditioning units and compressors. And it does so as environmentally friendly as possible, e.g. by phasing out ozone-depleting substances in its refrigerants. The company is known locally and globally for its sustainability efforts and is recognized as a market leader in terms of compliance with environmental and social standards.
Expanding production and energy efficiency
The loan provided by OeEB will support Walton in expanding its production capacities to meet the growing demand for locally produced household appliances while at the same time increasing the energy efficiency of its products and production facilities by modernizing or replacing machines and introducing new energy-saving technologies.
"The long-term loan provided to Walton fits perfectly into our strategy: It not only supports investments that increase energy efficiency and reduce CO2 emissions but also helps secure and create jobs and local income, contributing to sustainable economic development", says Sabine Gaber, Member of OeEB’s Executive Board.
"While operating as a business organization focused on innovation that makes consumer electronics affordable and for everyone, Walton Hi-Tech Industries PLC always envelopes big picture business strategies around sustainable practices. This opportunity will be making sure that we not only focus on sustainable development for the business, but also actively partake in creating value for the community that we serve. We rest assured that this will be opening even newer doors for us to be moving forward into the future, a better future that focuses on a better Bangladesh for tomorrow and a more innovative, inclusive consumer moments", says Golam Murshed, Managing Director of Walton Hi-Tech Industries PLC.
"EBL is delighted to deepen the partnership with Walton through this transaction. This latest BMRE investment of Walton demonstrates the company's continuous commitment to make sustainability a part of the company‘s culture. Sustainability is at the heart of EBL's business strategy and in order to progress in our mission, we absolutely need the support of the development partners, and we wholeheartedly thank OeEB for being a part of this impactful investment", says Ahmed Shaheen, Additional Managing Director of Eastern Bank Limited.