DHAKA, Sept. 29 (Xinhua) -- The Asian Development Bank (ADB) said on Tuesday it would provide a loan of 50 million U.S. dollars for a "Modern Energy-Efficient Polyester Chips Manufacturing Project" in Bangladesh.
According to a statement from the Manila-based lender, the financing will support the expansion of polyester chip production capacity of Bangladesh's Modern Syntex Limited (MSL).
ADB and MSL on Tuesday signed an agreement for the project.
The project is expected to strengthen Bangladesh's textile value chain by increasing the domestic supply of polyester chips, reducing reliance on imports, shortening lead times, and improving efficiency for textile manufacturers.
Bangladesh earned 38.7 billion dollars from ready-made garment exports in the 2025-26 fiscal year, cementing its status as the world's second-largest apparel exporter, employing some 4 million people, most of whom are women. ■
