ERF launches new windows for export grant ERF launches new windows for export grant DHAKA, oct 1, 2020 (BSS) – The Export
Readiness Fund (ERF) in Bangladesh today
launched new two funding opportunities for
businesses in the leather and leather
goods, footwear (both leather and non-
leather), plastics and light engineering
sectors (electronics and electrical goods,
automobiles and parts, bicycles,
accumulators and batteries, foundry and
dye and mould).
Commerce Secretary Dr Jafar Uddin
inaugurated the windows to diversify and
boost the country’s export, said a press
release.
The ERF is a programme under the Export
Competitiveness for Jobs (EC4J) project,
under the Ministry of Commerce and funded
by the World Bank Group.
One of the components of the EC4J is the
ERF, a $10 million matching-grant
programme, which provides financial
support to firms to identify gaps,
catalyse investment and improve
environmental, social and quality (ESQ)
standards, and thus improve
competitiveness on the export markets.
Launched in January, the ERF began
providing support to Bangladeshi firms
with ESQ compliance assessments under its
funding Window-1.
Under the Window-2, the maximum grant size
is $ 40,000 and it would be used to make
improvement in business and technical
services. Forty percent of the project
cost would have to come from the firms.
The Window-3 would provide up to $ 200,000
and will cover the improvement projects in
both services and fixed asset
expenditures, with half coming from the
entrepreneurs.
The new windows will support the up-
gradation of production plants, equipment
and services, and help improve the design
and quality of products so they are ready
for exports. They will also support
marketing and distribution to promote ESQ
compliance and secure ESQ certification.
The Window-1 aims to fund ESQ assessments
for 400 companies. It has already signed
agreements with 165 companies and is in
the process of signing deals with 183 more
companies.
Some 200 firms would receive support under
the Window-2 and another 50 under the
Window-3.
ERF grants are assisting firms to identify
and address ESQ compliance gaps, upgrade
products and production processes and
support firms to meet trade standards.
This will be done in order to comply with
the laws and regulations of major export
markets and requirements of multinational
brands, according to the website of the
fund, according to an official of the EC4J
Project.
The fund will cover a period of three
years.
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