Bangladesh Bank will set aside US $ 500 million of low-cost funds for textile factories to help the factories adopt eco-friendly technologies and practices, announced the Governor Atiur Rahman. Named Green Export Development Fund (EDF), the grant will be additional to the Export Development Fund (EDF) of US $ 1.5 billion. The BB governor said the country’s garment sector would not be able to reach the US $ 50 billion export target by 2021 without adopting green technologies. At present, Bangladesh Bank is offering the EDF to exporters at a rate of LIBOR (London Interbank Offered Rate) plus 2.5 per cent for six months. An exporter can borrow a maximum of US $15 million in foreign currency.
