Investments to help Envoy boost capacity in Bangladesh
Bangladesh-based denim manufacturer Envoy Textiles has secured a loan facility agreement worth $30 million with the Asian Development Bank (ADB) to finance an expansion of its yarn production capacity by 4,550 metric tons (MT) annually.
This loan will also support the installation of 3.5 MW of rooftop solar modules and the refinance of existing local working capital loans.
"We are honoured to receive continued support from ADB, whose partnership reflects our commitment to sustainable growth and innovation," said Kutubuddin Ahmed, chairman of Envoy. “This new sustainability-linked loan will enable us to expand our production capacity, invest in renewable energy, and further reduce our environmental footprint.”
Additionally, the company has commenced full-scale commercial operations at its Waste Fabric Recycling Plant. Located at its existing factory premises in Bhaluka, Mymensingh, this plant has a capacity to process 12 MT of waste fabric each day and is equipped to handle both pre-industrial and post-consumer waste fabrics, including garment cuttings and denim.
The processed materials will be certified under the Global Recycled Standard and the Recycled Claim Standard, and reintegrated into the company's yarn production cycle.
Envoy has an annual production capacity of 54 million yards of denim and operates a platinum-certified Leadership in Energy and Environmental Design (LEED) denim manufacturing facility.
