British International Investment

RFL Electronics Limited

South AsiaManufacturing

RFL Electronics Ltd (REL) is a consumer electronics manufacturer based in Bangladesh, which manufactures and assembles wide range of electronic home appliances including TVs, refrigerators, air conditioners and small home appliances. REL was established in 2015 and is part of the PRAN-RFL group.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

This new loan facility will enable RFL Electronics Ltd (REL) to expand its electronic home appliance production, which will help create around 600 new jobs.

Our capital will fund the import of capital machinery required to facilitate REL’s expanded operations in its new factory building in Danga Industrial Park, where the company will increase its refrigerator manufacturing capacity and assembly of small appliances such as rice cookers and blenders. This expansion of the business will help to create around 600 jobs, 40 per cent of which are expected to be semi-skilled workers.

The loan marks our first 2X Challenge investment in Bangladesh, owing to the company’s women leadership at its board level and its initiative to advance quality employment opportunities for women within REL’s workforce. 2X Challenge is an initiative launched by development finance institutions (DFIs) of the G7 to mobilise capital to support increased economic empowerment for women in emerging economies.

This loan facility follows our initial $15 million commitment in REL in 2017, which supported the company in setting up its manufacturing and assembly operations.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.



The investment will enable economic opportunities through direct job creation (SDG 8.5).



By creating jobs through expansion of company's home appliance production capacity and enabling business growth.


Stakeholder Geography Characteristics


A significant number of jobs created as part of this investment will be for women and the majority of new jobs created will be in the manufacturing facility.

How much?

Scale Depth/Duration

500-600 additional jobs expected to be created through this investment.

These jobs are expected to be permanent.


  • Financial additionality: The commercial market does not offer capital on the same terms required to meet the company’s need.
  • Value additionality: Providing support to further develop their environmental and social and business integrity practices.


Execution Risk
  • Relates to the business scaling up and finding demand in the markets for the products, which in turn will Support job creation.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

BII's ESG-I team has established a strong relationship with the REL management since our initial investment in 2017. For this follow-on investment we have agreed an ESAP with the company which includes improvements to hazard identification, risk assessment & management planning, HR policies and procedures and occupational health & safety management.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    South Asia

    The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.


    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.


    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    December 2017
    End date :
    June 2022
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.


Related investments made by BII into this company:

Investment name Commitment Region Sector Start date Status
Investment 02 $22.75m South Asia Manufacturing June 2022 Active

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