Home / Knowledge / News / Textiles / HSBC Bangladesh arranges $46 mn for Viyellatex mill
HSBC Bangladesh arranges $46 mn for Viyellatex mill
30
Aug '17
Courtesy: Viyellatex Group
Courtesy: Viyellatex Group
HSBC Bangladesh has arranged $46 million in low-cost foreign currency for apparel exporter Viyellatex for the purchase of goods, equipment and technology from suppliers in Switzerland, Japan, India, Germany and the United Kingdom for a new spinning mill. The loan covers 70 per cent of the total investment being made by the Viyellatex Group in this project.

The bank said this was the country's first private sector agreement with Swiss Export Risk Insurance SERV, Switzerland's export credit agency, according to media reports in Bangladesh.

“Interest rate of the loan is much lower than other US dollar loans in the international market,” Viyellatex Group chairman KM Rezaul Hasanat told a leading English-language daily.

The financing involves cooperation between HSBC and Proparco, a French financial institution focused on funding sustainable development projects.

The spinning mill has already been constructed and commercial production will begin after the Islamic festival of Eid-ul-Azha. Containing 92,000 spindles, the mill will produce 50 tonnes of yarn per day, said Hasanat. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

15 trade associations urge nations to safeguard WTO system

Apparel/Garments | On 15th Dec 2017

15 trade associations urge nations to safeguard WTO system

Fifteen trade and industry associations from across the world have...

India’s cotton output projected at 377 lakh bales

Textiles | On 15th Dec 2017

India’s cotton output projected at 377 lakh bales

India’s cotton output in the 2017-18 season is likely to increase by...

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Apparel/Garments | On 15th Dec 2017

Ethiopia’s Kombolcha Industrial Park attracts foreign firms

Strategic location, modern factory facilities and proximity to the...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search