The financing settlement represents ADB’s first sustainability-linked mortgage within the South Asian nation.
A sustainability-linked mortgage is an outcome-oriented monetary instrument that’s tied to predetermined key efficiency indicators. It’s evaluated primarily based on the achievement of particular sustainability targets.
Envoy Textiles will use the fund to design and assemble a brand new automated spinning unit at its manufacturing unit in Jamirdia, Bangladesh. The corporate will even use the proceeds in the direction of the set up of three.5MWp rooftop photo voltaic panels on the manufacturing unit.
The proceeds will even be used to refinance short-term native working capital loans.
By the brand new spinning unit, Envoy Textiles is predicted to extend its annual yarn manufacturing capability by 4,550 tonnes
