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.

 

 
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