ADB to provide €10.80mn loan to Envoy Textiles

The Asian Development Bank (ADB) is going to provide €10.80 million ($11.44) as a long-term loan to Envoy Textiles.

The company will purchase spinning machinery and necessary equipment for the second spinning unit with the loan amount, the export-oriented garment manufacturer informed through DSE website.

Envoy Textiles will take the loan for seven years with a grace period of 1.5 years.

The loan is to be repaid in equal semi-annual instalments starting from the 1.5 years anniversary of the closing date of the facility.

The loan will be used for the purchase and installation of spinning machinery and associated equipment for the second spinning unit.

The company also informed the new unit is automated and more energy efficient and will have an annual yarn production capacity of 3,600 tonnes mainly used for in-house production of denim fabrics.