A MoU has been signed between Bangladesh’s BGMEA President Faruque Hassan and Good Fashion Fund (GFF) Fund Director Bob Assenberg to finance SMEs in sustainability.
The two parties have collaborated so that they can take the apparel and textile industry of Bangladesh ahead in the area of environmental sustainability. As per the memorandum, the development and uptake of innovative sustainability solutions will be supported so that the environmental and social sustainability within factories in Bangladesh can be improved.
According to the agreement, the Good Fashion Fund is going to offer long-term loans along with technical, and environmental and social expertise to the manufacturers so that they can adopt sustainable production.
With the medium of these initiatives, the aim of GFF is to invest an amount of up to $10 million in textile manufacturing companies in Bangladesh in the coming two years. The collaboration also intends to provide manufacturers with access to finance so that they can build a restorative and regenerative apparel supply chain. This will also ensure the use of recyclable and safe materials, closed-loop manufacturing, clean and less energy, and the creation of fair jobs and growth.
According to Faruque Hassan, President, BGMEA, the core areas of concern for BGMEA are energy efficiency, carbon and water footprint reduction, renewable energy, and circular economy. He is thankful to GFF for extending their support to the industry.
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