DBL Group gets $52m British loan to establish a new textile factory

DBL Group has availed itself of a $52 million loan from British International Investment, a development finance institution of the UK, for the construction of a manufacturing facility.  

With the credit facility, the DBL will establish Jinnat Textile Mills Ltd, a greenfield, cotton yarn spinning mill, which will be housed in a LEED-certified green building, at DBL Industrial Park in Shreehatta Economic Zone in Sylhet.

To this end, DBL Group recently signed an agreement with British International Investment, according a press release of the DBL.

This loan qualifies under a “2X Challenge” as the facility will contribute toward strengthening women’s participation in the economy and improving the quality of employment for women, it said.

The “2X Challenge” is an initiative launched by the development finance institutions of the G7 to mobilise capital to support increased economic empowerment for women in emerging economies.

The partnership “will increase job creation and business growth whilst also setting new industry standards for improved working conditions for women and encouraging companies to be greener”, said British High Commissioner to Bangladesh Robert Chatterton Dickson.

This facility will beyond doubt promote the country’s economy through the creation of more than 1,000 additional jobs in the garment and textile sector, said MA Jabbar, managing director of DBL Group.