Proparco gives $13.8 million loan to Ananta Group's subsidiary

Proparco, the private sector financing arm of Agence Française de Développement Group (AFD Group), today gave $13.8 million to local Ananta Huaxiang Limited (AHL), a subsidiary of Ananta Group in Bangladesh, to increase its sweater manufacturing capacity through the expansion of its production facility in Narayanganj.

This operation will allow AHL to emerge as a large volume sweater manufacturer and strengthen its competitiveness in the international market, the French embassy in Bangladesh said in a statement.

Bangladesh is the second largest ready-made garment exporter in the world after China and apparel represents 81 per cent of Bangladesh's total exports and employs 4.4 million workers. 

In this context, AHL ranks among the top 10 sweater producers in Bangladesh exporting mostly to Europe for various international brands, the statement also added.

With this project and the increase in high-end sweater manufacturing capabilities, AHL will be better able to serve its customers by producing over 10 million pieces of sweaters by 2023 of higher quality level and lower price points than before. 

"It gives us immense pleasure to support AHL, a responsible actor in Bangladesh's garment industry committed to gender diversity," Diane Jegam, regional director for South Asia at Proparco, said in the statement. 

By supporting the growth of a job-creating company committed to the well-being of its employees, women empowerment as well as the sustainable use of resources, Proparco is supporting the largest exporting sector of Bangladesh, said Jegam.