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Germany gives 7 million euros grant to Bangladesh for RMG remediation

The German government will provide 7 million euros grants to Bangladesh to enhance the capacity of selected commercial banks to better address the funding needs of garment factories for their ongoing remediation work. The economic relations division and the German Embassy in Bangladesh have signed an agreement to roll out a project.

Muhammad Alkama Siddiqui, Additional Secretary of the ERD, and Thomas Prinz, German Ambassador, signed the agreement saying that financing of environment and safety retrofits in the Bangladesh readymade garment sector. The project will also support garment factories to bridge the knowledge gap in investments and remediation upgrades, and also aid the actual implementation of these investments. The funding would enable effective utilisation of credit, promote workers safety and improve environment standards in the apparel sector.

The project is a joint development effort by France, Germany and the European Union (EU). The objectives are to enhance the capacity of the selected commercial banks to better address the funding needs of RMG factories and support factories in bridging knowledge gap regarding investments and remediation upgrades and also supporting the actual implementation of these investments.

 
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