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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...
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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. While the global epidemic of Covid-19 is shutting down various companies, the DBL Group is going for expansion and establishing new businesses, which is a positive sign for the economy of our country. I applaud this timely initiative.’

DBL Group’s managing director MA Jabbar stated, ‘The new plant would enable Hamza Textiles to utilize the new technologies, including the climate-friendly manufacturing process, usage of new types of fabrics and fibres to meet the growing and changing needs of domestic and international buyers. The expansion unit will increase the production base and highlight the effectiveness of advanced technology to reduce production costs while at the same time reducing the negative impacts on the environment.’

The International Finance Corporation has invested a staggering Tk 44.3 million on Hamza Textiles which has allowed it to start its new unit with resource-saving and increasing level of production technology. This expansion unit is also expected to employ more than 1000 people which will help them adopt a more sustainable life.

With the investment of IFC, the daily finishing capacity of Hamza Textiles will be 170 tons per day at its new plant.

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Ragadi Textile Limited gets $22.7mn IFC fund

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