German Government will provide Euro 7 million financial support to Bangladesh. The amount would be given through Germany’s KfW (formerly known as KfW Bankengruppe, a German Government-owned development bank) and GIZ (German Society for International Cooperation, which supports the German Government in achieving its objectives in the field of international cooperation for sustainable development) under the project “Financing of Environment and Safety Retrofits in the Bangladesh Readymade Garment (RMG) Sector”.
Economic Relations Division (ERD) Bangladesh and German Embassy in Bangladesh signed an agreement to roll out the project to this effect yesterday in Dhaka. Muhammad Alkama Siddiqui, Additional Secretary of ERD and Thomas Prinz, German Ambassador, singed the agreement for the project on behalf of their respective organizations.
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 in Bangladesh and support those in bridging the knowledge gap regarding investments and remediation upgrades while also supporting the actual implementation of these investments.
The German Embassy said in a statement that the funding would enable an effective utilization of the credit, promote workers’ safety and improve environment standards in the apparel industry of Bangladesh.