ADB funds for improvements to Bangladesh textile sector
The Asian Development Bank has signed an agreement with
Bangladesh’s Eastern Bank for a US$ 20 million loan to support
the country’s textile and garment sectors, two of the major
contributors to its growth.
Christine Engstrom, Director for ADB’s private sector
financial institutions division, said that textile and garment
sectors are essential parts of the Bangladesh economy, raising
incomes for large numbers of workers, particularly women. She
said that the ADB’s partnership with Eastern Bank, a trusted
financial institution in Bangladesh, will contribute to the
development of the textile and garment sectors in the country.
Bangladesh is the second largest exporter of textiles and
garments, and these accounted for about 15% of the country’s
gross domestic product, employing more than 4 million people,
some 85% of whom are women.
The loan will be used to finance socially and environmentally
sustainable projects specifically to meet the higher structural,
fire, and electrical safety standards now required.