A financing agreement worth US$40 million has been signed by Ananta Knitwear Limited (AKL) and the Asian Development Bank (ADB) to assist in the construction of a new knit fabric facility in Narshingdi, Bangladesh.
As one of the nation’s leading exporters of ready-made clothing, AKL belongs to the Ananta Group.
For the US $20 million loan from ADB and the US $20 million syndicated B-loan from the ILX Fund, an asset manager with an Amsterdam location that specializes in Sustainable Development Goals, ADB is the lender of record.
As necessary lead arranger, ADB organized and syndicated the loan package, according to a news release from the organization.
The new facility is intended to meet the global benchmark for green construction standards, the Leadership in Energy and Environmental Design (LEED) standards, with platinum certification. It will have the newest technologies and sophisticated, energy-efficient equipment.
It is anticipated that the project will generate 200 jobs during construction and 1,000 employment after it is operating.
The textile industry in Bangladesh plays a significant role in the country’s economy, but its effects are far-reaching. The issue also pertains to national resilience and livelihoods, according to Suzanne Gaboury, director general of ADB’s private sector operations.
“We are delighted to receive this financing from ADB and ILX,” stated Sharif Zahir, Managing Director of Ananta Group. We consider this as a testament to the excellence of our industry globally and its influence on development, as well as a show of confidence from our partners to foreign lenders.
The Ananta Group, a clothing manufacturer that produces activewear, outerwear, sweaters, jeans, suits, and lingerie, earns more than $400 million annually in revenue. With seven factories and over 30,000 employees, the organization has been in business for more than 30 years.
