Bangladesh RMG sector to get 7m euro German grant 

Dhaka,  Thu,  29 June 2017
Published : 16 May 2017, 12:45:34 | Updated : 16 May 2017, 19:41:22
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Bangladesh RMG sector to get 7m euro German grant 

Bangladesh RMG sector to get 7m  euro German grant 
Germany will provide an amount of 7.0 million euro as grant to address the funding needs of the RMG factories in Bangladesh.

The grant will disburse through KfW, a German government-owned development bank, (4 million) and GIZ (3 million) in this regard.

Bangladesh and Germany Monday signed two bilateral agreements - Financial Cooperation (FC) and Technical Cooperation (TC) - on the financing of environment and safety retrofits in the readymade garment (RMG) sector, reports UNB

Additional secretary (Europe Wing), Economic Relations Division, Ministry of Finance Muhammad Alkama Siddiqui, and German Ambassador in Dhaka Thomas Prinz signed the agreements respectively.

The project is a joint development effort by France, Germany, and the European Union (EU), according to German Embassy in Dhaka.

The objectives of the project are to enhance the capacity of the selected commercial banks to better address the funding needs of the RMG factories and support RMG factories in bridging the knowledge gap regarding investments and remediation upgrades and also supporting the actual implementation of these investments.

This will enable an effective utilisation of the credit and promote workers' safety and help improve environmental standards in the RMG sector, said the German Embassy.
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