DBL Group concern secures $43m financing from DEG

Glory Textiles and Apparels Ltd (GTAL), a concern of DBL Group, has signed a $43 million long-term financing agreement with German development finance institution DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH.

Of the total, $16 million will be co-financed by the Global Innovation Investment Fund (GIIF), an impact-focused development finance initiative established by DEG and Germany's Federal Ministry for Economic Cooperation and Development (BMZ), according to a press release.

The financing will support DBL Group's acquisition of GTAL and the company's subsequent expansion into a fully integrated knitwear facility meeting DBL Group's standards.

The transaction marks the third financing partnership between DBL Group and DEG, strengthening their long-standing relationship. DEG previously provided financing to Colour City Ltd and Matin Spinning Mills Ltd, two other DBL Group concerns.

Established by Glory Group in 2016 and acquired by DBL Group in 2025, GTAL is a vertically integrated knitwear manufacturer serving leading international apparel brands through export-oriented production.

Following the acquisition, GTAL was integrated into DBL Group's manufacturing platform, significantly expanding the group's capabilities in fabric production, dyeing and garment manufacturing.

GTAL currently employs 2,711 people, 31% of whom are women. The company expects to create another 2,150 jobs after completing the planned expansion, with women accounting for 35% of the new positions.

The employees will be recruited from local communities to promote inclusion and stimulate the local economy. The investment will directly contribute to United Nations Sustainable Development Goal 8: Decent Work and Economic Growth.

DEG will also provide GTAL with Business Support Services to help the company implement its decarbonisation plan.

DBL Group Vice Chairman Mohammed Abdur Rahim signed the agreement on behalf of GTAL on 18 June.

DEG Director of Industries and Services Asia, Thorben Loeppke, and Vice President of Industries and Services Asia, Parvez Akhter, signed the agreement as authorised signatories.

Monika Beck, member of the management board of DEG, said the transaction demonstrated the strength of the institution's long-standing partnership with DBL Group and their shared commitment to sustainable growth in Bangladesh.

"This long-term financing, using our own funds and adding GIIF funds, will support DBL Group's continued capacity expansion while advancing sustainable business practices in the textile industry," she said.

"The cooperation reflects DEG's commitment to supporting private-sector partners and creating positive impact."

She said DBL Group exported around 90% of its products to the European Union, including 27% to Germany, making DEG's financing vital to the supply chains of European fashion retailers.

Mohammed Abdur Rahim, vice chairman of DBL Group and director of GTAL, said the group was committed to creating sustainable value through innovation, responsible business practices and manufacturing excellence.

"In line with that vision, this investment will support business expansion, job creation and stronger local value chains while contributing to a more sustainable and resilient industrial sector," he said.

Mohammed Abdul Jabbar, managing director of DBL Group and director of GTAL, said DEG had been a trusted partner in the group's growth journey.

"This agreement further strengthens a long-standing relationship built on shared values and mutual trust," he said.

"We look forward to continuing our collaboration to drive sustainable growth, create lasting impact and support the development of Bangladesh's export-oriented manufacturing sector."