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Bangladesh Bank signs deals with 5 banks, 2 NBFIs on RMG

Aug '19
Pic: Shutterstock
Pic: Shutterstock
The Bangladesh Bank (BB) recently signed participation agreements in Dhaka with five banks—Southeast Bank Ltd, One Bank Ltd, NCC Bank Ltd, Bank Asia Ltd, Mutual Trust Bank Ltd—and two non-banking financial institutions (NBFIs)—IDLC Finance Ltd and IPDC Finance Ltd—to strengthen economic sustainability of the readymade garment (RMG) sector.

Under the agreements, the central bank has enlisted the banks and FIs as participating financial institutions (PFIs) under the ‘Programme to Support Safety Retrofits and Environmental Upgrades in the Bangladeshi Readymade Garment Sector Project (SREUP)’, according to Bangla media reports.

With the €50 million credit and €14.29 million grant facilities from AFD and other developing partners, namely the European Union, KfW, GIZ and BB, this project will support sustainability by providing financial and technical support for safety retrofits and environmental and social upgrade of the RMG sector. (DS)

Fibre2Fashion News Desk – India

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