ADB provides $11 million loan to Envoy Textiles


envoy-adbAsian Development Bank (ADB) is providing a loan of $11 million to Envoy Textiles for purchasing spinning machinery and associated equipment for its second spinning unit.

The board of directors of the company has consented to take the loan offer from the ADB, Envoy Textiles said in a posting on the website of the Dhaka Stocks Exchange (DSE) today.

The ADB is providing the loan for seven years’ tenure, including a grace period of one and half years.

The loan will be repaid by equal semi-annual instalment one and a half years after the closing date of the facility, it said.

ADB will disburse the loan on the fulfilment of the conditions of the due diligence agreement and the approval of the Bangladesh Investment and development authority (BIDA), according to the DSE website.

Shares of Envoy Textiles closed 1.92 per cent higher at Tk 47.80 on the Dhaka Stock Exchange today.