Bangladesh Bank (BB) on Tuesday signed participation agreements with five banks and two non-bank financial institutions (NBFIs) to strengthen economic sustainability of the readymade garment (RMG) sector. Under the agreements, the central bank has enlisted the banks and FIs as the Participating Financial Institutions (PFIs) under the ‘Programme to Support Safety Retrofits and Environmental Upgrades in the Bangladeshi Ready-Made Garment (RMG) Sector Project (SREUP)’, said a press release. The selected banks and FIs are: Southeast Bank Limited, One bank Limited, NCC Bank Limited, Bank Asia Limited, Mutual Trust Bank Limited, IDLC Finance Limited and IPDC Finance Limited. Deputy governor SM Moniruzzaman, project director Md Abdul Mannan and other high officials were present in the agreements signing ceremony. With the Euro 50 million credit and Euro 14.29 million grant facilities from AFD and other developing partners European Union (EU), KfW, GIZ and BB, this project is initiated to support the sustainability through providing financial and technical support for safety retrofits and environmental and social up gradation of the RMG sector.
