Ananta Knitwear Limited (AKL) and the Asian Development Bank (ADB) have signed a US $ 40 million financing agreement to support the building of a new knit fabric facility in Narshingdi, Bangladesh.
As a prominent exporter of ready-made apparel in the country, AKL is a member of the Ananta Group.
ADB is the lender of record for the US $ 20 million loan from ADB and the US $ 20 million syndicated B-loan from the ILX Fund, an asset manager located in Amsterdam that focuses on Sustainable Development Goals.
According to a press release issued by the ADB, ADB orchestrated and syndicated the loan package in its capacity as the required lead arranger.
The new factory is designed to achieve platinum certification under the Leadership in Energy and Environmental Design (LEED) standards, the global benchmark for green buildings. It will feature advanced, energy-efficient machinery and the latest technology.
The project is expected to create 200 jobs during construction and 1,000 jobs once operational.
“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.
Ananta Group Managing Director Sharif Zahir said, “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.”
The Ananta Group, which makes a variety of garments like lingerie, sweaters, jeans, suits, activewear, and outerwear, brings in over US $ 400 million a year. Having been in operation for more than 30 years, the group has more than 30,000 workers spread over seven facories.
