The proposed investment (“Investment”) consists of a 10-year, upto US$90 million senior secured facility to Akij Carriers Limited and Akij Sea Line Limited (the “Companies” or the “Borrowers”), affiliated to Akij Shipping Line Limited (“Akij Shipping” or “ASLL”), a large, diversified conglomerate owned by Mr. Sheikh Jasim Uddin and his family (the “Promoter”). The Investment shall be for financing the acquisition of 3-4 second-hand ultramax bulk carriers and will support the Company’s fleet renewal, decarbonization and expansion program (the “Project”). The facility will be structured as an A loan of up to US$60 million and B1 loans of up to US$30 million. The shipping business is across eight entities based in Bangladesh, Singapore & UAE and currently operates 10 dry bulk vessels. All of these ships are managed and chartered by Akij Shipping Lines Pte Ltd (Akij Shipping Singapore).

• In parallel with the proposed Investment, IFC is executing a comprehensive Upstream advisory engagement (Project No. 609685), formalized via a Collaboration Letter Agreement (CLA) signed on May 29, 2025. This engagement is designed to de-risk the investment by addressing technical, environmental, social, and governance (ESG) hurdles, ensuring ASLL’s transition toward international maritime best practices and IFC Performance Standards. The advisory engagement consists of Market and Technical Assessment, Environmental and Social (E&S) Gap Analysis, and Fleet Decarbonization Roadmap.
• Corporate Governance (CG) Advisory: Formalized in December 2025 (Project No. 606574), this workstream aims to strengthen board effectiveness, internal controls, and transparency. It is designed to mitigate institutional and decision-making risks inherent in a family-owned conglomerate transitioning to better governance with improved board composition including independent directors, formalized delegation of authority, effective control mechanisms in place and overall improvement in corporate culture.