Dhaka, June 16 -- City Bank has successfully closed a syndicated term loan arrangement of BDT 2,340 million for Far East Spinning Industries PLC.

City Bank served as the mandated arranger, agent and participating lender for the transaction. Dhaka Bank and Eastern Bank were also participants in the syndication, according to a press release.

The transaction was also bilaterally supported by Bangladesh Infrastructure Finance Fund Limited (BIFFL).

The financing will be used to support Far East Spinning Industries' ongoing expansion project, which is expected to add 28,500 spindles to the company's production capacity. The project is scheduled to commence commercial operations in early 2027.

Speaking on the occasion, Mashrur Arefin, Managi...