Bangladeshi textile and garment company, by the name DBL, concluded 15 million USD loan agreement with Swedfund to establish an integrated textile factory in Ethiopia. In addition to this DBL also secured 55 million USD loan from Ethiopian Development Bank (EDB).

According to Ethiopian News Agency, the project is estimated to cost 100 million USD and it will be built in Mekele, Tigray State.

Speaking at the signing ceremony, Jan Sadek, Sweden Ambassador to Ethiopia, said he was happy to witness Swedfun engaging in Ethiopia. The project would add great value to the Ethiopian economy and strengthen export, he added.

State Minister of Industry, Taddesse Haile, on his part said the Swedish company H&M has been an eye opener for Ethiopia’s textile industry. “We are in better position in achieving our vision of being textile and garment hub in the global market,” he noted.

Source: Ethiopian News Agency