Bangladesh, Sept. 30 -- The Asian Development Bank (ADB) and Modern Syntex Limited (MSL) have signed a $50 million loan agreement to expand energy-efficient polyester chips production in Bangladesh.
The agreement was signed on Tuesday for the Modern Energy-Efficient Polyester Chips Manufacturing Project, according to an ADB press release.
The financing will support MSL's expansion of its production capacity from 107 tonnes to 407 tonnes per day. It will also refinance the company's short-term local working capital loans.
The expanded facility will produce high-intrinsic-viscosity polyester chips, which are used in higher-value textile and apparel products.
"Bangladesh's textile and ready-made garment industry is a key driver of the econ...