StandChart supports Modern Syntex to set up Continuous Polymerisation Plant

The Standard Chartered has arranged syndicated financing for Modern Syntex Limited's Continuous Polymerisation Plant via an Export Credit Agency (ECA)-backed term loan of EUR 38 million and a commercial BDT syndicated term loan of Tk 4,505 million, says a press release.
Modern Syntex Limited's Continuous Polymerisation Plant is the first full-scale production facility for man-made fibre in Bangladesh - which will play a significant role in boosting export diversification across the nation's Readymade Garments (RMG) sector.
With an investment of USD 131 million, Modern Syntex Limited's Continuous Polymerisation Plant will manufacture polyester staple fibres (PSF), textile grade polyester chips (PET chips), draw textured yarn (DTY), and fully drawn yarn (FDY).
The production of these materials provides backward-linkage support that helps meet local demand across a variety of industries, including RMG, textile, footwear and vehicle making.
This demand is currently being met via import from China, Indonesia, Taiwan, Malaysia, India, and other markets. The newly-minted plant has the potential to meet a significant percentage of the present annual demand for PSF, PET chips, and other textile-related products. The facility is located in Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram and has been established with technological assistance from Germany-based Oerlikon (Barmag).
To mark the start of commercial operations at the plant, a crest handover ceremony recently took place in Dhaka.
Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh; Enamul Huque, Managing Director and Head of Corporate, Commercial and Institutional Banking, Standard Chartered Bangladesh; Abu Sufian Chowdhury, Managing Director and Chairman, Modern Syntex Limited; and other senior officials from both organisations were present at the event.