BEXIMCO secures €32.5m in overseas funding

BEXIMCO Ltd, the leading conglomerate of Bangladesh, has successfully accomplished an important milestone in its mission of ‘Taking Bangladesh to the World’.

In a momentous move it has finalised a Euro 32.5 million expansion plan for its Knit Fabric Facility.

This ambitious project will foster the expansion and upgrade its vertically integrated Textile Manufacturing Plant which incorporates clean production practices integrating sustainable raw material and renewable energy into its processes with complete traceability, said BEXIMCO’s Group Director and CEO Syed Naved Husain.

Resolutely pursuing its far-reaching vision for Bangladesh, BEXIMCO in this landmark deal, has surmounted many challenges in the macro-environment to propel its tripartite objectives of taking the company to greater heights.

It is also boosting Bangladesh’s GDP promoting environment-conscious production practices and augmenting Bangladesh’s presence on the world map with state-of-the-art technological imports that help produce world-class products for export.

This milestone that furthered BEXIMCO’s international presence, actualised the import of advanced German and other textile equipment through a German exporter and sourced competitive equipment financing from ING Bank with an insurance-backed cover from Germany’s Export Credit Agency (ECA).

This distinctive deal seamlessly aggregated 38 equipment suppliers in a single export contract. BEXIMCO thanked its international strategic financial advisors M/s Blend Financial Services Ltd. for their dynamic multi-pronged role.

For successful financial closure of Euler Hermes backed transaction, BEXIMCO’s Group Director & CEO Syed Naved Husain said, “This was a very distinctive transaction for us and it has opened up various avenues for BEXIMCO for its future expansion and growth plans and for the Bangladeshi textile industry as a whole towards international financing propelling its global presence to new heights.”

Referencing to BEXIMCO’s commendable milestone, Ms Vaibhavi Thakkar, Co-founder and CEO of Blend Financial Services Ltd. said, “As a Co-founder & CEO of Blend, we are ecstatic to partner with Beximco in their growth journey that is committed to provide high quality products without compromising its sustainability goals and promoting Bangladesh on an international platform.”

In this landmark transaction, Blend has cemented its position as an environment conscious global advisor wherein ‘we partner with our clientele by providing a solution that is aligned to its goals and strategy’.

The loan agreement was signed by Anil Kumar Maheshwari on behalf of Beximco Ltd and Lukas Strauch, Director and B. Ponsioen, from ING Bank.