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ADB’s loan to streamline Bangladesh’s textile sector

The Asian Development Bank has inked a deal with Bangladesh’s Eastern Bank for a $20m loan in support of the country’s textile and garment industries. Christine Engstrom, Director, ADB’s private sector financial institutions division disclosed says the textile and garment sectors are essential parts of the Bangladesh economy, raising incomes for large numbers of workers, particularly women. “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.”

The country is the second largest exporter of textiles and garments which accounts for around 15 per cent of Bangladesh’s GDP. These sectors employ over four million people of whom around 85 per cent are women. The money will be used to finance socially and environmentally sustainable projects largely those that meet structural, fire and electrical safety standards.