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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

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