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Germany to provide €7m for RMG remediation in Bangladesh
18 May '17
1 min read
The government of Germany will provide €7 million to Bangladesh to help with the remediation work of the country's readymade garment sector. As per an agreement signed between German Embassy in Bangladesh and the Economic Relations Division, the grants will help enhance the capacity of some of the commercial banks to address the funding needs of the sector.
The agreement was signed by additional secretary of the Economic Relations Division, Muhammad Alkama Siddiqui, and German ambassador Thomas Prinz under the project 'Financing of Environment and Safety Retrofits in the Bangladesh Ready Made Garments (RMG) sector'.
The funding is expected to ensure effective usage of credit, improve environment standards and promote safety of workers in the RMG sector, the German embassy said in a statement.
The project will help in bridging the knowledge gap in investments and remediation upgrades as well as in the implementation of the investments, added the embassy.
Germany is expected to provide €4 million through KfW and €3 million through GIZ. (KD)
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