Impact Investment Exchange (IIX), a Singapore-based pioneer in impact finance, has signed a Letter of Intent (LoI) with PRAN-RFL Group, one of Bangladesh’s largest conglomerates, to explore the issuance of Orange Bonds and Sukuk in the country. The partnership is aimed at fostering inclusive growth and channeling capital towards gender-focused and climate-conscious development through the Orange Movement™ initiative.
Bangladesh has seen over US $ 1.2 billion in sustainable finance commitments in the past three years, reflecting the growing appetite for ESG-linked capital. Orange Bonds are expected to deepen this momentum by introducing financial tools that integrate gender equality and climate resilience, opening new avenues for impact-driven investment across critical sectors.
Under the LoI, PRAN-RFL will examine adopting the Orange Framework, including the Orange Bond Principles™ and the Orange Seal™, as it considers issuing Orange Bonds and Orange Sukuk. These instruments are part of IIX’s broader Orange Movement™, which seeks to advance gender-transformative climate action and sustainable development.
“We see this collaboration with IIX as a significant milestone in our commitment to inclusive growth,” said Uzma Chowdhury, Director of Finance at PRAN-RFL Group. “The exploration of Orange Bonds will allow us to align with international standards in sustainable finance while leveraging capital to create meaningful change, particularly for women, rural entrepreneurs, and MSMEs.”
PRAN-RFL’s participation builds on its longstanding engagement with farmers and rural communities across its diverse portfolio spanning food, agriculture, packaging, and light engineering. The group’s exploration of Orange Capital products will extend to sectors including agriculture, renewable energy, ready-made garments, and healthcare.
Commenting on the partnership, Professor Durreen Shahnaz, CEO and Founder of IIX, said, “With companies like PRAN stepping up, we are seeing how private capital in Bangladesh is being mobilized for equity and climate action. What began as an ambitious idea is now materializing, with Orange Bonds gaining traction across Asia and beyond. PRAN’s leadership signals that emerging markets are ready to drive a more inclusive and resilient financial future.”
The initiative comes as Bangladesh positions itself as a hub for inclusive and sustainable growth in South Asia. By expanding the Orange Movement™ in the country, IIX aims to set new benchmarks for private sector participation in sustainable finance and strengthen the nation’s role in shaping the future of impact investment globally.
