B Mirror Report: City Bank has successfully arranged a Tk234 crore syndicated term loan for Far East Spinning Industrie PLC to support the company’s ongoing expansion project, which is expected to significantly boost its production capacity.

City Bank acted as the mandated arranger, facility agent and participating lender for the transaction. Dhaka Bank and Eastern Bank joined the syndication as participating lenders, while Bangladesh Infrastructure Finance Fund Limited (BIFFL) provided bilateral financing support.

The financing will be used to add 28,500 spindles to Far East Spinning Industries’ manufacturing capacity. The expansion project is expected to begin commercial operations in early 2027, enabling the company to better meet the growing demand of Bangladesh’s textile and apparel sector.

City Bank Managing Director and CEO Mashrur Arefin said syndicated financing is an effective way to mobilize capital for reputable businesses that contribute to the country’s economic development. Far East Spinning Industries Chairman Asif Moyeen said the project is progressing as planned and will strengthen the company’s ability to serve the expanding textile and garment industry.

The transaction was formally concluded at a ceremony in Dhaka on , attended by senior officials of City Bank, Dhaka Bank, Eastern Bank, BIFFL, and Far East Spinning Industries.