Skip to main content

Ragadi Textile Limited gets $22.7mn IFC fund

   The International Finance Corporation has invested $22.7 million in Bangladesh's Ragadi Textile Limited to help the local company to build a modern, green factory. The new factory is set to create more than 900 direct new jobs. The expanded operation is also expected to contribute $8 million to Bangladesh's economy directly and indirectly through local supply chains by 2028. Furthermore, around $15 million will also be injected in economic activities generated by the additional income of employees, and boost opportunities for micro-, small-, and medium-enterprises in the supply chain.   MA Jabbar, DBL Group's managing director, earlier told The Business Standard, "The group has decided to expand its capacity to meet the growing demand of our apparel manufacturing units. The new investment marks IFC's first Covid-19 support in the RMG sector and includes financing from the International Development Association's Private Sector Window (IDA-PSW), set up to cata...
Post a Comment

DBL Group’s Ragadi Textile Limited to get $22.7m IFC investment 2022

 


Representational ImageRepresentational Image

The funds will help build a factory ‘with advanced and resource-efficient technologies to respond to evolving demands of consumers’ and create 900 new jobs, IFC said in a statement on Tuesday.

It is the first COVID support the IFC has offered in the RMG sector and is partially financed by the International Development Association’s Private Sector Window, which was set up to encourage investment in ‘low-income and fragile countries’.

Bangladesh’s ready-made garment industry is vital for the country’s economy and delivering on its ambitions to transform into an upper-middle-income country. To remain competitive, the industry needs to evolve to higher value-added products and adopt modern technologies, which are even more critical given the impact of COVID-19,” said Hector Gomez Ang, the IFC’s regional director for South Asia.

 “Even prior to the pandemic, the industry was beginning to stagnate in terms of innovation and value addition. We hope this investment will serve as a demonstration model for others to move upmarket and remain competitive.”

IFC has provided over $90 million to five RMG manufacturers in Bangladesh, largely as debt financing. In 2013, IFC also provided $10.5 million to Color City Limited, another DBL Group dyeing and finishing company, reports bdnews24.com.

Comments

Post a Comment

Popular posts from this blog

Ragadi Textile Limited gets $22.7mn IFC fund

   The International Finance Corporation has invested $22.7 million in Bangladesh's Ragadi Textile Limited to help the local company to build a modern, green factory. The new factory is set to create more than 900 direct new jobs. The expanded operation is also expected to contribute $8 million to Bangladesh's economy directly and indirectly through local supply chains by 2028. Furthermore, around $15 million will also be injected in economic activities generated by the additional income of employees, and boost opportunities for micro-, small-, and medium-enterprises in the supply chain.   MA Jabbar, DBL Group's managing director, earlier told The Business Standard, "The group has decided to expand its capacity to meet the growing demand of our apparel manufacturing units. The new investment marks IFC's first Covid-19 support in the RMG sector and includes financing from the International Development Association's Private Sector Window (IDA-PSW), set up to cata...
Post a Comment
Read more

Ragadi Textile expansion unit started in 2022

   Guests inaugurate expansion unit of Hamza Textiles Limited, a concern of DBL Group, at Kashimpur in Gazipur on Wednesday. — Press release The expansion unit of Hamza Textiles Limited, a concern of DBL Group, started its journey Wednesday in Kashimpur, Gazipur, said a press release. State minister for youth and sports Md Zahid Ahsan Russel inaugurated the expansion unit of Hamza Textiles Ltd through an event at its Gazipur factory premises. Gazipur Metropolis Awami League president Azmat Ullah Khan, Gazipur City Corporation acting mayor Asadur Rahman Kiron, DBL Group chairman Abdul Wahed, managing director MA Jabbar, vice-chairman MA Rahim, and senior officials of various units of DBL Group were present at the inauguration ceremony. Speaking as a chief guest on the occasion, state minister for youth and sports Md Zahid Ahsan Russel stated that ‘the present government is working under the direction of honourable prime minister Sheikh Hasina to build Bangabandhu’s Sonar Bangla...
Post a Comment
Read more

Ragadi Textile Limited

   The Lahore High Court imposed on Wednesday a Rs100,000 fine on Hamza Shehbaz after he failed to submit any response on petitions challenging his election as Punjab chief minister. The government of Punjab and Deputy Speaker of the province Dost Mohammad Mazari have also been fined Rs100,000 each due to the same reason, reported  Aaj News . The petitions, filed by Pakistan Tehreek-e-Insaf (PTI), stated that the session held for conducting the election witnessed "immense chaos and most unfortunate events". It pointed out that Deputy Speaker Mazari took "unlawful" aid from the police and provincial officials for holding a "sham and fraudulent" election. It noted that votes of 25 dissident PTI MPAs were also counted in the final tally for Hamza. These MPAs have  since been de-seated  by the Election Commission of Pakistan. LHC reserves verdict on CM-elect Hamza’s plea The Punjab Assembly session for the CM election began after a delay of more than five hour...
Post a Comment
Read more