DHAKA: Envoy Textiles Limited (ETL) signed a $20 million loan agreement with Hongkong and Shanghai Banking Corporation Limited (HSBC) and BRAC Bank Limited.

The agreement was signed at ETL corporate office in Kalabagan of the city on Wednesday.

However, Envoy Textiles Limited (ETL) Chairman Kutubuddin Ahmed, HSBC Country Head of Commercial Banking Bhuvnesh Khanna and BRAC Bank Head of Corporate Banking Mahmoodun Nabi Chowdhury signed the deal on behalf of the respective sides.

Among others, senior officials of the three concerned organizations were also present in the signing ceremony.

Under the loan agreement, a spinning unit of Envoy Textiles Limited will be established in the country.

BDST: 1425 HRS, AUG 24, 2014