DHAKA, Nov 17, 2024 (BSS) - The Hongkong and Shanghai Banking Corporation Limited (HSBC) Bangladesh has financed US$ 65 million to Viyellatex Group as sustainability loan.

The loan has given to the vertically integrated readymade garment (RMG) manufacturer and exporter to support their sustainability priorities following global Loan Market Association principles, said a press release today.

It added, the Group exports RMG to global apparel retailers and has a sustainable strategy, covering initiatives including underground water consumption, utility water, heat recovery and pollution prevention. 

The sustainable finance facility is linked to two performance indicators, which is to maintain 100 percent sustainable and certified sourcing of raw materials, and oversee an increase to 8.6 percent in the group’s Higg Index by 2025.

David Hasanat, chairman and ceo, Viyellatex Group, said that they are deeply committed to advancing environmental, social, and economic sustainability across all aspects of their business. 

He said, “We recognize that true progress comes from a holistic approach, and we strive to integrate responsible practices into our operations, products, and community initiatives.” 

“In close collaboration with our stakeholders, we are constantly exploring innovative solutions, such as product digitalization and process reengineering, to minimize our environmental footprint, enhance resource efficiency, and maximize value creation,” he added.

Gerard Haughey, managing director and head of wholesale banking, said, “HSBC is proud to support Viyellatex Group in their environmental sustainability efforts, providing financial solutions aligned with their commitment to reducing carbon footprints and enhancing green practices throughout their supply chain.”