News Tags

Related Keywords: Central Bank of Bangladesh, duty-free access to Western markets, export oriented ready made garment factories. stimulate economic growth, for manufacturing in general, Garments key foreign-exchange earner, second-largest apparel exporter, set up funding, Textile

Bangladesh's central bank will set up $500 million of funding for the country's manufacturers, the funds will be divided into two parts. One for manufacturing in general and the second at textiles, including export oriented ready made garment factories. This will be an effort to stimulate economic growth, the head of the bank said on Thursday.

Garments are a key foreign-exchange earner for Bangladesh. The country's low wages and duty-free access to Western markets have helped make it the world's second-largest apparel exporter after China.

Related Keywords: Atiur Rahman, Central Bank of Bangladesh, dyeing and finishing, Governor of Bangladesh Bank, integrated knitting mills in Bangladesh, textile industry in Bangladesh, textile processing

With an aim to bring benefit to the country's vertically integrated knitting mills that operate their own dyeing and finishing facilities, the Central Bank of Bangladesh will create a US$500 million Green Fund for the textile sector. Textile processing like washing, dyeing, and finishing (WDF) are the key pillar of the country’s economy. The country has 1,700 WDF units and 200,000 workers contribute a net value added of up to 20 per cent to the textile value chain.