The Spinning industry in Bangladesh is also going green along with its apparel sector. A few weeks back Asian Development bank provided funds to upgrade a Bangladeshi mill and UK-based British International Investment (BII) announced a $52 million credit for another.
The credit by BII -a UK-based development finance institution has been sanctioned for DBL Group, a leading Bangladeshi apparel exporter. The long-term loan of eight years with two years grace period will be used to establish Jinnat Textile Mills Ltd, a Greenfield cotton yarn spinning mill in Srihatta Economic Zone. The mill is expected to begin operation in April 2023. It will provide jobs to 1000 low-skilled workers of which 50 percent would be women.
The total cost of the project is $83.35 million and after completion, it would produce 44 tons of yarn daily. The annual turnover of the mills will be around Tk463 crore. The British International Investment was approached by the sponsors because local commercial banks were unable to sanction this investment with long-term repayment.
British High Commissioner to Bangladesh, Robert Chatterton Dickson, said, “I am pleased that British International Investment’s partnership with DBL Group will increase job creation and business growth. The UK is committed to providing investments that bolster the private sector and drive transformative sustainable economic prosperity across the country, he added. The new mill will produce products for existing DBL existing clients that include H&M, Decathlon, Tom Tailor, MQ Retail, George, Puma, Esprit, G-Star, NEXT, M&S, Bench, and Gymboree.
