Home / Knowledge / News / Apparel/Garments / EDF limit for BGMEA members increased to $20mn
EDF limit for BGMEA members increased to $20mn
22
Jun '16
Bangladesh's central bank, the Bangladesh Bank, has increased the limit of Export Development Fund (EDF) to $20 million from the earlier $15 million for members of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Under the EDF, funds are provided to readymade garment exporters at low interest rate, which is currently 7 per cent per annum.

As per the new directive issued by Foreign Exchange Policy Department of Bangladesh Bank, a BGMEA member manufacturer-exporter will be able to borrow up to $20 million through an authorised dealer bank for procuring inputs against export letter of credit (L/C), firm export contract and inland back-to-back L/C.

Authorised dealer banks will borrow money from EDF for foreign currency financing to BGMEA members.

EDF was formed with the aim to accelerate manufacturing and exports of Bangladesh's garment industry.

For some time now, BGMEA has been making this demand of increasing EDF limit, as it is expected to benefit its members. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Apparel/Garments | On 27th Jun 2017

Vietnam to build fashion, textile, trading centres

Vietnam's Ho Chi Minh City will build large centres for designing...

Textiles | On 27th Jun 2017

Barcelona’s Unitin develops recycled Indigo yarns

Unitin, a trademark of Industrias Morera SA and a leading textile...

Information Technology | On 27th Jun 2017

ThreadSol to bring fabric solutions to Thailand

ThreadSol, an enterprise material management provider for the sewn...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search