Esquire Knit Composite Limited (IFC-40683)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • Bangladesh
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 20, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ESQUIRE KNIT COMPOSITE LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 22.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 35.20 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 29, 2019

Disclosed by Bank Apr 4, 2018


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Project Description

According to the IFC website, the project involves setting up a new cutting and sewing factory in Bhaluka, Mymensingh, Bangladesh for Esquire Knit Composite Limited. Esquire Knit Composite Limited manufactures ready made garments. The company was founded in 2000 and is based in Dhaka, Bangladesh.

The new facility, to be housed in a green building, will comprise 102 sewing lines, seamless garment knitting, molded bra cup technology and automatic cutting and sewing for production of active wear and lingerie. According to the project development objectives, the project is expected to lead towards employment growth, recruitment of skilled workforce and better waste management/energy conservation due to LEED certified green factory. 

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Esquire Knit Composite Limited manufactures ready made garments. It offers yarn dyeing, knitting, fabric dyeing, laboratory, washing, embroidery, printing, design studio, patterns and markers, sewing, cutting, and finishing services. The company was founded in 2000 and is based in Dhaka, Bangladesh.

Contact Information

For inquiries about the project

Esquire Knit Composite Limited
Mr. Kamal Munasinghe
CEO- Textile Division
Kamal.munasinghe@esquirebd.com
102, Shaheed Tajuddin Ahmed SaraniTejgaon I/A, Dhaka - 1208
www.esquire.com.bd

For inquiries and comments about IFC

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local access for project documentation

Esquire Knit Composite Limited
102, Shaheed Tajuddin Ahmed SaraniTejgaon I/A, Dhaka – 1208
Website: www.esquire.com.bd

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/