As per the agreement, Good Fashion Fund will provide long term loan in addition to technical and environmental and social expertise to the manufacturers to adopt sustainable production, the two organisations said in a joint media release.

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

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

BGMEA president Faruque Hassan said: "Energy efficiency, renewable energy, carbon and water footprint reduction, circular economy has been the core areas of concern for BGMEA as long as sustainability and resilience is concerned. So our SMEs have to invest in eco-friendly technologies. We thank Good Fashion Fund for extending their support to the industry the collaboration of these two organisations can be prolific to enhance the sustainability standard of the SMEs.”

GFF fund director Bob Assenberg said: “We are very excited about partnering with BGMEA and our joined support to apparel manufacturers in Bangladesh to become more sustainable. We are committed to driving a positive change and good fashion practice in the apparel sector in Bangladesh and look forward to working with forward looking SMEs in the country.”

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

Fibre2Fashion News Desk (KD)