BGMEA partners with Good Fashion Fund to finance SMEs in sustainable development


BGMEA President Faruque Hassan and GFF Fund Director Bob Assenberg signed the MoU in a virtual ceremony on behalf of their respective organizations.

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Good Fashion Fund (GFF) have partnered to give Bangladesh’s textile and clothing industry a head start in environmental sustainability by funding sustainable practices and technologies.

BGMEA and GFF signed a Memorandum of Understanding on August 25, 2021, to support and strengthen the development and adoption of innovative sustainability solutions and in particular to improve environmental and social sustainability in factories in Bangladesh.

BGMEA President Faruque Hassan and GFF Fund Director Bob Assenberg signed the MoU in a virtual ceremony on behalf of their respective organizations.

The directors of BGMEA, lawyer Shehrin Salam Oishee and Md. Mohiuddin Rubel, were also present at the signing ceremony of the agreement.

As per the agreement, Good Fashion Fund will provide long-term loans in addition to technical, environmental and social expertise to 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 manager FOUNT.

Through these joint efforts, GFF aims to invest up to $ 10 million in textile manufacturing companies in Bangladesh over the next two years and up to $ 25 million at target fund size, naturally subject to availability of funds.

The collaboration aims to provide manufacturers with access to finance and help them build a restorative and regenerative clothing supply chain. This means the use of recyclable and safe materials, clean and less energy-consuming energy, closed-loop manufacturing and the creation of equitable jobs and growth.

BGMEA President Faruque Hassan said: “Energy efficiency, renewable energies, reduction of carbon and water footprint, circular economy have been at the heart of the concerns of the BGMEA with regard to durability and resilience. Our SMEs must therefore invest in environmentally friendly technologies. We thank Good Fashion Fund for extending its support to the industry, the collaboration of these two organizations can be prolific to improve the level of sustainability of SMEs. ”

GFF Fund Director Bob Assenberg said: “We are very excited to partner with BGMEA and our joint support for garment manufacturers in Bangladesh to become more sustainable. We are committed to promoting positive change and good fashion practices in the garment industry in Bangladesh and look forward to working with forward-looking SMEs in the country.

GFF’s vision is for manufacturers in the apparel supply chain to invest in innovations that generate both economic growth and good fashion practice.


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