In order to increase yarn production capacity, the Asian Development Bank signed a loan agreement with Bangladeshi denim manufacturers
The Asian Development Bank has signed a €10.8 million (US$11.2 million) loan agreement with Bangladeshi denim producer Envoy Textiles to support and finance Envoy’s second yarn mill during the purchase, Install energy-efficient spinning machinery and other equipment to expand sustainable textile production and create local jobs.
The new high-efficiency automated equipment can produce 3,600 tons of yarn annually, mainly producing denim fabrics. According to EnvoyTextiles, the new yarn mill is expected to create 250 new jobs.
Ashok Lavasa, Vice President of the Asian Development Bank for Private Sector and Partnerships, said: The garment manufacturing industry is an important pillar of Bangladesh’s economy and accounts for the country’s total export revenue. With more than 80% of the total, Envoy is the leader in the industry. Modern spinning equipment will increase yarn production capacity, reduce dependence on imported yarn, and increase the efficiency, sustainability and energy efficiency of the industry.
Ashok Lavasa said that this plan will once again support the Bangladesh textile industry after two decades, providing much-needed financing and assisting the development of core industries.
Reduce electricity consumption and greenhouse gas emissions by using energy-saving modern equipment. In addition, the Asian Development Bank will assist EnvoyTextiles in developing a gender action plan to increase employment opportunities for women, promote gender equality through procurement, and create an inclusive workplace.
Envoy Kutubuddin Ahmed responded: We are very happy to receive the first tranche of funds from international banks, especially Asia, which has the same vision for service, inclusiveness, and sustainability. development bank.
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