The Asian Development Bank (ADB) has partnered with Ananta Knitwear Limited (AKL), a subsidiary of Ananta Group, by providing a $40 million financing package to establish a state-of-the-art knit fabric factory in Narshingdi, Bangladesh. The financing includes a $20 million loan from ADB and a $20 million syndicated B-loan from ILX Fund, with ADB serving as the lead arranger. The new factory is poised to receive a platinum certification from the Leadership in Energy and Environmental Design (LEED) and will deploy advanced automated, energy-efficient equipment. During the construction phase, it is expected to create 200 new jobs and an additional 1,000 jobs once operational. The initiative aims to support Bangladesh’s significant textile industry, which is crucial for the nation’s economy and employment. ADB and Ananta Group emphasize the sustainability and quality of their partnership, aligning with ADB’s broader mission to foster prosperity and eradicate extreme poverty in Asia and the Pacific.

Textile Manufacturing, Sustainable Development, Financial Services,Bangladesh

https://www.adb.org/news/adb-ananta-group-sign-deal-promote-energy-efficient-fabric-manufacturing-create-jobs