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February 26, 2024, 10:08 am

BEXIMCO raises Euro 32.5 million from overseas

  • Update Time : Friday, October 7, 2022

staff reporter, Dhaka : 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 fosters the expansion and upgrading of its vertically integrated Textile Manufacturing Plant, which incorporates clean production practices – integrating sustainable raw material and renewable energy into its processes, with complete traceability.

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, while simultaneously 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; sourcing competitive Equipment Financing from ING Bank, with an insurance-backed cover from Germany’s Export Credit Agency (ECA). We place on record our thanks to our Funding Partner – ING Bank and Germany’s ECA- Euler Hermes for their part in bringing our progressive plans to fruition.

This distinctive deal seamlessly aggregated 38 equipment suppliers in a single export contract, thanks to our international Strategic Financial Advisors – M/s Blend Financial Services Ltd. Their dynamic multi-pronged role brought competitive closure to the deal and structuring competitive funding solutions through their global Banking, and strong ECA relationships.

On successful financial closure of this Euler Hermes backed transaction, BEXIMCO’s Group Director & CEO, Mr. 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 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. Blend is well positioned to provide be-spoke solutions by rallying through its network across all the stakeholders, basis the requirement of the company. 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 are aligned to its goals & strategy.”

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

 

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