Dhaka: Bangladesh government signed two bilateral agreements— Financial Cooperation (FC) And Technical Cooperation (TC) with the German government on the ‘Financing of Environment and Safety Retrofits in the Bangladesh Ready Made Garment (RMG) Sector’.

Economic Relations Division of Ministry of Finance Additional Secretary (Europe Wing) Muhammad Alkama Siddiqui, and Embassy of the Federal Republic of Germany in Dhaka Ambassador H.E Dr Thomas Prinz signed the agreements.

The project is a joint development effort by France, Germany and the European Union (EU). German government will provide an amount of 7million Euro in this regard.

The objectives of the project are to enhance the capacity of the selected commercial bank to better address the funding needs of the RMG factories of Bangladesh and to support the factories in bridging the knowledge gap regarding investments  and remediation upgrades and also supporting the actual implementation of these investments.

The project will enable an effective utilization of the credit and promote workers’ safety and will also improve environmental standards in the RMG sector.