DHAKA: Financing opportunities in water and energy efficiency in textiles will be imperative for Bangladesh to reach the strategic target of $50 billion in RMG export by 2021, speakers observed at a workshop held in the city on 28 February.

The workshop, titled ‘Water & Energy Efficiency Financing’, organized by the Partnership for Cleaner Textile (PaCT) program of International Finance Corporation, World Bank Group, addressed some of the key issues in increasing overall financial flows to the sector through innovation in financial product offering and, market development.

The main objective for arranging the event was to support financial institutions and technology service providers in promoting water & energy efficiency products and services for the textile industry in Bangladesh.

“With the rising cost of energy and water uses, the growth trajectory of Bangladesh textile industry can only be sustained by investing in water and energy efficiency improvement in factories and nearby communities. IFC Bangladesh is committed to the development goals of the industry and will extend support through capacity and business development through the PaCT program,” said Wendy Werner, IFC Bangladesh Country Manager.

At the event, BRAC Bank Ltd. a PaCT partner bank, launched a customized and user friendly water and energy efficiency loan product for the textile industry—the very first of its kind in the country.

"I would like to stress on the strong partnership we have developed over the years with IFC in working on Green Finance. IFC’s customized and tailor-made support for BRAC Bank, complemented with their global knowledge and expertise has helped us structure, plan and launch the very first Energy Efficiency Loan product in Bangladesh - Planet Solutions.” said Selim R. F. Hussain, Managing Director and CEO of BRAC Bank Ltd.

Among other speakers were spokespersons from Bangladesh Bank, BGMEA, IDLC, SREDA and IFC’s regional office.

BDST: 1651 HRS, FEB 28, 2016
RR/SMS