Bangladesh Bank (BB), which is the Central Bank of the country, has reportedly signed separate agreements with six private banks to facilitate funds for long-term financing under the “Green Transformation Fund for Export-oriented Textile and Textile Products and Leather Manufacturing Industries”, recently.
Also Read – Bangladesh Bank develops green fund for textiles
BB’s Deputy Governor, Shitangshu Kumar Sur Chowdhury, presided over the agreement signing ceremony while General Manager of Sustainable Finance department, Manoj Kumar Biswas, Chief Executives of related banks and senior officials of Bangladesh Government were reportedly present at the event.
Under the agreements signed, the six banks – Eastern Bank Limited, Jamuna Bank Limited, Mercantile Bank Limited, Prime Bank Limited, Shahjalal Islami Bank Limited and South East Bank Limited, would reportedly provide long-term financing for transforming the export-oriented industries into green industries.
Also Read – Grameen Knitwear to setup a green factory with an investment of US $ 60 million
It may be mentioned here that in 2015, BB set aside US $ 500 million of low-cost funds for textile factories to help the factories adopt eco-friendly technologies and practices. Named Green Export Development Fund (EDF), the grant would be additional to the Export Development Fund (EDF) of US $ 1.5 billion. Declaring this, the BB Governor reportedly said the country’s garment sector would not be able to reach the US $ 50 billion export target by 2021 without adopting green technologies.
