Asian Development Bank (ADB) is providing a loan of $11 million to Envoy Textiles for purchasing spinning machinery and associated equipment for its second spinning unit.
The board of directors of the company has consented to take the loan offer from the ADB.
The ADB is providing the loan for seven years’ tenure, including a grace period of one and half years, and that will be repaid by equal semi-annual installment one and a half years after the closing date of the facility.
Envoy Textiles operates on a sustainable production process, such as Fibers from sustainable sourcing such as Organic, PCW, BCI, etc.
Meanwhile, Envoy Textiles Limited was awarded LEED Platinum Certified company by U.S. Green Building Council, the highest worldwide recognition for Leadership in Energy & Environmental Design.
According to the DSE website, ADB will disburse the loan on the fulfilment of the conditions of the due diligence agreement and the approval of the Bangladesh Investment and development authority (BIDA).
Also Envoy Textiles closed shares of 1.92 percent higher at Tk 47.80 on the Dhaka Stock Exchange today.