DBL Group borrows $10.5m from IFC

DBL Group, one of the fastest growing apparel companies, has borrowed $10.5 million from the International Finance Corporation to expand its dyeing capacity and strengthen corporate governance.
The company will use the fund to help expand DBL's dyeing plant in Kashimpur in Gazipur.

The project known as Color City will create 850 direct jobs.
The loan from IFC, a member of the World Bank Group, has seven years to maturity, including a two-year grace period.
The project, which is now completing its first phase with financing from German investment corporation DEG, is expected to go into commercial operation in June and will increase the group's dyeing capacity by 22 tonnes for knitted fabrics and by 12 tonnes for knitted dyed yarn.
Following implementation of both phases, Color City will have a total dyeing and finishing capacity of 62 tonnes and is expected to operate at 75 percent capacity utilisation in the first year, enough to meet the company's requirements.
DBL comprises 14 companies and is an integrated knit garment maker with operations in spinning, fabric knitting, dyeing and finishing, washing, packaging and printing. It makes clothes for H&M, Wal-Mart, Puma, C&A, Espirit and G-Star.