Beximco raises €32.5m from Dutch bank

Beximco Ltd has raised 32.5 million euros from Dutch financial institution ING Bank in order to expand its knit fabric facility, said a press release yesterday.

The company will buy advanced German and other textile equipment through an exporter in Germany based on financing from ING Bank, with an insurance-backed cover from Germany's Export Credit Agency (ECA), it added.

The ambitious project fosters the expansion and upgrading of its vertically integrated textile manufacturing plant, which incorporates clean production practices – integrating sustainable raw material and renewable energy into its processes, with complete traceability, said Beximco.

"This was a very distinctive transaction for us, and it has opened up various avenues for Beximco for its future expansion and growth plans and for the Bangladeshi textile industry as a whole," said Beximco's Group Director and Chief Executive Officer Syed Naved Husain.