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

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

The project will introduce energy-efficient machinery, expected to save about 4,840 megawatt-hours of electricity and reduce about 2,222 tons of carbon dioxide equivalent emissions each year. It will also help MSL pursue Leadership in Energy and Environ...