Desk Report: The International Finance Corporation (IFC) has invested $22.7 million in Hamza Textile Ltd, a dyeing and finishing company of Dulal Brothers Ltd (DBL) Group of Bangladesh in a bid to improve global competitiveness for Bangladesh’s readymade garment (RMG) sector.
The funds will help build a factory ‘with advanced and resource-efficient technologies to respond to evolving demands of consumers’ and create 900 new jobs, IFC said in a statement on Tuesday.
It is the first COVID support the IFC has offered in the RMG sector and is partially financed by the International Development Association’s Private Sector .
DBL Group’s Managing Director, M.A. Jabbar said, “The new factory will allow Hamza to work with new fabrics to meet increasing buyer requirements, widen its manufacturing base and highlight the effectiveness of advanced technologies to cut production costs and deliver climate benefits.”
The investment is expected to raise Hamza Textiles’ finishing capacity by 80 tonnes per day to 103 tonnes per day at the new factory,he added. Previously , IFC also provided $10.5 million to Color City Limited, another of the Group’s dyeing and finishing companies.
