Standard Chartered has arranged syndicated financing for Modern Syntex Limited’s Continuous Polymerisation Plant via anExport Credit Agency (ECA) backed term loan of EUR 38 million and a commercial BDT syndicated term loan of BDT 4,505 million.
Modern Syntex Limited’s Continuous Polymerisation Plant is the first full-scale production facility for man-made fibre in Bangladesh – which will play a significant role in boosting export diversification across the nation’s Readymade Garments (RMG) sector.
Withaninvestment ofUSD 131 million, Modern Syntex Limited’s Continuous Polymerisation Plant will manufacture polyester staple fibres (PSF), textile grade polyester chips (PET chips), draw textured yarn (DTY), and fully drawn yarn (FDY).
To mark the start of commercial operationsatthe plant, a crest handover ceremony recently took place in Dhaka.
Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh; EnamulHuque, Managing Director and Head of Corporate, Commercial and Institutional Banking, Standard Chartered Bangladesh; Abu Sufian Chowdhury, Managing Director and Chairman, Modern SyntexLimited; and other senior officials from both organisations were present for the event.
