Bangladesh Bank (BB) to provide long term financing amount of US$ 200 million for transforming the export oriented textile industries into green industries for which they have signed agreements with six private banks to facilitate fund.

The funds for long-term financing will be facilitated under the “Green Transformation Fund (GTF) for Export-oriented Textile and Textile Products and Leather Manufacturing Industries” to set up environment friendly infrastructures.

BB has signed agreements with Eastern Bank Limited, Jamuna Bank Limited, Mercantile Bank Limited, Prime Bank Limited, Shahjalal Islami Bank Limited and South East Bank Limited. Under this agreement these banks would provide long-term financing for transforming the export-oriented industries into green industries.

BB’s deputy governor Shitangshu Kumar Sur Chowdhury presided over the agreement signing ceremony while general manager of sustainable finance department Manoj Kumar Biswas, chief executives of related banks and senior officials of Bangladesh were present.

The GTF is intended to facilitate access to financing in foreign exchange by all manufacturer-exporters in export oriented textiles and textile products, and leather manufacturing sectors to import capital machinery and accessories for implementing environment-friendly initiatives.

The refinance fund will be provided for water use efficiency in wet processing, water conservation and management, waste management, resource efficiency and recycling, renewable energy, energy efficiency, heat and temperature management, air ventilation and circulation efficiency and work environment improvement initiatives in the export oriented textiles and leather industries.