Bangladesh, Sept. 29 -- The Asian Development Bank (ADB) and Modern Syntex Limited (MSL) today (Tuesday) signed a $50 million loan for the Modern Energy-Efficient Polyester Chips Manufacturing Project in Bangladesh.

Advertisement The financing will support MSL's expansion of polyester chips production capacity from 107 tons to 407 tons per day and refinance short-term local working capital loans, according to a media release.

The expanded facility will produce high intrinsic viscosity polyester chips used in higher-value textile and apparel products.

"Bangladesh's textile and ready-made garment industry is a key driver of the economy, but it continues to rely heavily on imported synthetic inputs," said ADB Country Director for Bangla...