BGMEA seeks bank support for RMG sector to address pandemic challenges

09 Jun '21
2 min read
Pic: Shutterstock
Pic: Shutterstock

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently sought support from the Bangladesh Bank (BB) for the readymade garments (RMG) industry in its struggle to overcome the impact of the pandemic and retaining competitiveness in the global market. A BGMEA delegation held a meeting with BB governor Fazle Kabir last week to discuss the issue.

The pandemic is not over yet and the RMG sector is still trying hard to overcome the massive impact, according to BGMEA president Faruque Hassan.

Given the situation, the support of Bangladesh Bank in terms of simplification and relaxation of financial policies pertaining to the RMG industry would help the sector to address the challenges and turn around, he was quoted as saying by Bangla media reports.

Earlier, Bangladesh Bank extended the loan limit of garment and textile factories from the export development fund (EDF) to $30 million from $25 million.

Faruque urged the Bangladesh Bank to extend the time limit for the enhanced EDF by six months.

He requested the BB to extend the payback period of the loans under the COVID response stimulus package from two years to five years as the sector is going through a rough patch.

He also urged the central bank to write off all debts, interest, and cost of fund charges for the 133 sick RMG factories, taking them into special consideration.

Fibre2Fashion News Desk (DS)

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