Good Fashion Fund joins forces with BGMEA to finance SMEs in sustainability

YarnsandFibers News Bureau 2021-09-01 09:04:37 – Bangladesh

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the Good Fashion Fund (GFF) have teamed together to help Bangladesh's garment and textile industries advance in environmental sustainability by funding sustainable practices and technologies of small and medium enterprises (SMEs).

BGMEA and GFF signed a Memorandum of Understanding (MoU) to promote and strengthen the development and adoption of innovative sustainability solutions, with a focus on improving environmental and social sustainability within factories in Bangladesh.

At a virtual ceremony, BGMEA President Faruque Hassan and GFF Fund Director Bob Assenberg signed the MoU on behalf of their respective organizations. At the signing event, BGMEA directors Barrister Shehrin Salam Oishee and Md. Mohiuddin Rubel was also present.

According to the agreement, the Good Fashion Fund would give long-term financing to producers as well as technical, environmental, and social expertise to help them embrace sustainable production. The Laudes Foundation and Fashion for Good created the Good Fashion Fund (www.goodfashionfund.com) in 2019, which is administered by Fund Manager FOUNT.

GFF hopes to invest up to $10 million in textile manufacturing companies in Bangladesh over the next two years, and up to $25 million at the target fund size, depending on the availability of funds.

The partnership seeks to give manufacturers access to finance and assist them in creating a more sustainable and regenerative clothing supply chain. This entails the use of recyclable and safe materials, closed-loop manufacturing, clean and less energy, and the creation of fair jobs and growth.

BGMEA President, Faruque Hassan, said that energy efficiency, renewable energy, carbon and water footprint reduction, and circular economy have been the key areas of focus for BGMEA as far as sustainability and resilience are concerned. As a result, their SMEs must invest in environmentally friendly technology. They appreciate Good Fashion Fund's assistance for the sector; the partnership of these two organizations can be fruitful in improving SMEs' sustainability standards.

GFF Fund Director, Bob Assenberg, said that they’re really enthusiastic about collaborating with BGMEA and their joint support to clothing manufacturers in Bangladesh to become more sustainable. They’re committed to creating positive change and good fashion practices in Bangladesh's clothing sector, and we look forward to collaborating with the country's forward-thinking SMEs.

GFF's aim is for clothing supply chain businesses to invest in technologies that offer both economic development and good fashion practice.

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