Home ›› 29 Aug 2021 ›› Corporate
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Good Fashion Fund (GFF) have joined hands to finance small and medium enterprises for sustainable practices and technologies.
The collaboration aims to provide manufacturers with access to finance and help them in building a restorative and regenerative apparel supply chain. This means the use of recyclable and safe materials, clean and less energy, closed-loop manufacturing and the creation of fair jobs and growth, said a press release.
BGMEA President Faruque Hassan and GFF Director Bob Assenberg signed a Memorandum of Understanding (MoU) at a virtual ceremony on behalf of their respective organisations in this regard on Wednesday. BGMEA Directors Barrister Shehrin Salam Oishee and Md. Mohiuddin Rubel were also present at the agreement signing ceremony.
As per agreement, Good Fashion Fund will provide long term loan in addition to technical and environmental and social expertise to the manufacturers to adopt sustainable production. Good Fashion Fund (www.goodfashionfund.com) launched in 2019 is initiated by Laudes Foundation and Fashion for Good and managed by Fund Manger FOUNT.
Through these joint efforts GFF aims to invest an amount up to $10 million in textile manufacturing companies in Bangladesh in the next two years. The targeted fund size is $25 million subject to availability of funds.
BGMEA President Faruque Hassan said, “Energy efficiency, renewable energy, carbon and water footprint reduction, circular economy has been the core areas of concern for BGMEA as long as sustainability and resilience is concerned. So our SMEs have to invest in eco-friendly technologies. We thank Good Fashion Fund for extending their support to the industry the collaboration of these two organizations can be prolific to enhance the sustainability standard of the SMEs.”
GFF Fund Director Bob Assenberg said, “We are very excited about partnering with BGMEA and our joined support to apparel manufacturers in Bangladesh to become more sustainable. We are committed to driving a positive change and good fashion practice in the apparel sector in Bangladesh and look forward to working with forward looking SME’s in the country.”
The vision for GFF is for manufacturers in the apparel supply chain to invest in innovations that deliver both economic growth and good fashion practice.
The Good Fashion Fund is a one-of-its kind initiative to create systemic change in the textile and apparel industry by financing the
implementation of highly impactful & disruptive production technologies in Asia. GFF is managed by FOUNT which provides ample investment and fund management expertise in emerging countries as well as industry knowledge and cooperates with Fashion for Good, (the Sub Advisor) which provides unrivalled industry network and technology knowledge.
BGMEA is one of the largest trade associations in Bangladesh representing the readymade garment industry, particularly the woven garments, knitwear and sweater sub-sectors with equal importance. Starting its journey in 1983 BGMEA has been taking care of an industry that is at the backbone of Bangladesh’s economy. Since the inception, BGMEA has been dedicated to promote and facilitate the apparel industry through policy advocacy to the government, services to members, ensuring workers’ rights.
