To ensure sustainable production, the Global Fashion Fund (GFF) will initially spend US$10 million to finance local readymade garment (RMG) companies, particularly small and medium enterprises (SMEs).
According to a statement, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and GFF signed a Memorandum of Understanding (MoU) on August 25 aiming to support and strengthen the development and uptake of innovative sustainability solutions, particularly to improve the environmental and social sustainability of local factories.
The Good Fashion Fund (GFF) has signed a Memorandum of Understanding (MoU) with the Bangladesh Garment Manufacturers and Export Association (BGMEA) to invest US$ 10 million in readymade garment manufacturing companies in Bangladesh. The MoU was signed by BGMEA president Faruque Hassan and GFF Fund Director Bob Assenberg on behalf of their respective organisations.
The collaboration aims at giving the manufacturers access to finance and help them in building a restorative and regenerative apparel supply chain that include use of recyclable and safe materials, clean and less energy, closed-loop manufacturing, and the creation of fair jobs and growth.
BGMEA and the Global Fashion Fund (GFF) have held their first joint event in Dhaka to promote sustainability and good fashion practice for apparel manufacturers in Bangladesh. GFF CEO Bob Assenberg said the organisations are committed to driving a positive change in the apparel sector in Bangladesh and look forward to working with forward-looking SMEs.