ADB approves $30m financing for Envoy Textiles’ green expansion

Business Desk :

Envoy Textiles Limited hosted a high-level courtesy meeting with a delegation from the Asian Development Bank (ADB) at its corporate office in Panthapath, Dhaka, following the recent approval of a $30 million financing package from ADB to support the company’s expansion and sustainability initiatives.

The ADB delegation was led by Hoe Yun Jeong, Country Director of the Bangladesh Resident Mission, accompanied by Md Mehedi Hasan, Investment Officer, and Farzana Rahman, Officer of the Finance, Private Sector and Public Sector Management and Governance Group (PSMG).

Envoy Textiles was represented by its Founder and Chairman, Kutubuddin Ahmed, along with other senior officials of the company.

The meeting focused on strengthening collaboration between ADB and Envoy Textiles, reviewing the strategic utilization of the newly approved funds aimed at enhancing production capacity, adopting advanced green technologies, and advancing environmental, social, and governance (ESG) standards.

Kutubuddin Ahmed, Chairman of Envoy Textiles, said, “We are honoured to host the ADB delegation and deeply appreciate their confidence in our vision.

This significant investment is a testament to our shared commitment to sustainable industrial growth in Bangladesh.

The funding will be instrumental in driving our next phase of expansion, focusing on innovation and eco-friendly manufacturing practices that set a benchmark for the industry.”