Dhaka, Bangladesh
ADB partners with EBL to support textile, garment sectors

ADB partners with EBL to support textile, garment sectors

The Asian Development Bank (ADB) today signed an agreement with the Eastern Bank Ltd (EBL) for a $20 million loan to support the development of Bangladesh's textile and garment sectors, reports BSS. The loan agreement, aimed to support two of the country's most important growth contributors and help fill the financing gap in the local financial market, was signed by director for ADB's private sector financial institutions division Christine Engstrom, and managing director and CEO of EBL Ali Reza Iftekhar, at a ceremony in the capital. Top officials from both institutions were also in attendance including ADB country director for Bangladesh Manmohan Parkash, and EBL's additional managing director Ali Reza Iftekhar Hassan O. Rashid, said an ADB media release. "The textile and garment sectors are essential parts of the Bangladesh economy, raising incomes for large numbers of workers, particularly women," said Engstrom. "We are confident that our partnership with Eastern Bank, a trusted financial institution in Bangladesh, will contribute to the development of the textile and garment sectors in the country," she added. Bangladesh is currently the second largest exporter of textiles and garments, accounting for about 15 percent of the country's gross domestic product and employing over 4 million workers, 85 percent of whom are women. The loan will be used to finance socially and environmentally sustainable projects in Bangladesh's textile and garment sectors. Specifically, the assistance will finance the construction or expansion of textile and garment factories that will meet the high structural, fire, and electrical safety standards required. At the event, Iftekhar reiterated the decade long relationship of EBL with ADB as development partners and conveyed his gratitude for all the support that ADB is rendering for the development of Bangladesh's financial sector. He also assured that EBL will widen its support for the growth and development of Bangladesh's textile and garment sectors.

Share |