The Asian Development Bank (ADB) has signed a $40 million financing package with Ananta Knitwear Limited (AKL) to finance a new knit fabric factory in Narshingdi, Bangladesh.
AKL is a concern of the Ananta Group, one of the largest exporters of ready-made garments in Bangladesh.
The financing comprises a $20 million loan from ADB and a syndicated B-loan of $20 million from the ILX Fund, an Amsterdam-based emerging market asset manager focused on the Sustainable Development Goals, with ADB as lender of record. As the mandated lead arranger, ADB arranged and syndicated the financing
package.
The new factory is expected to receive platinum certification under the Leadership in Energy and Environmental Design, the global standard in green building rating systems.
The factory will use advanced automated energy-efficient machinery and equipment based on the latest technology.
The construction stage is expected to generate 200 new jobs, while the operation of the new factory will generate 1,000.
“Bangladesh’s textile industry is a major contributor to the economy, but the breadth of its impact is much broader.
It is also about livelihoods and national resilience,” said ADB Director General for Private Sector Operations Suzanne Gaboury.
“We are delighted to receive this financing from ADB and ILX. We see this as a symbol of trust from our partners and a sign to international lenders about the global quality and development impact of our industry,” said Ananta Group Managing Director Sharif Zahir.
