Beximco Ltd has raised 32.5 million euros from Dutch financial institution ING Bank in order to expand its knit fabric facility, said a press release today.
The company will buy advanced German and other textile equipment through an exporter in Germany based on financing from ING Bank, with an insurance-backed cover from Germany's Export Credit Agency (ECA), it added.
For all latest news, follow The Daily Star's Google News channel.
The ambitious project fosters the expansion and upgrading of its vertically integrated textile manufacturing plant, which incorporates clean production practices – integrating sustainable raw material and renewable energy into its processes, with complete traceability, said Beximco.
"This was a very distinctive transaction for us, and it has opened up various avenues for Beximco for its future expansion and growth plans and for the Bangladeshi textile industry as a whole," said Beximco's Group Director and Chief Executive Officer Syed Naved Husain.
