The Financial Express

BGMEA submits a set of bids to Bangladesh Bank

It seeks aid to overcome Covid-induced hurdles

| Updated: September 26, 2021 20:58:33

BGMEA submits a set of bids to Bangladesh Bank

The apex body of apparel makers sought support from the central bank, as they are working hard to overcome the challenges, created by the Covid-19 pandemic.

To this effect, a delegation, led by S M Mannan (Kochi), Acting President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), met Fazle Kabir, Governor of the Bangladesh Bank (BB), on Tuesday, according to a press release.

Siddiqur Rahman, former president of the association, was present in the delegation, among others.

The BGMEA placed a set of proposals, including reducing the interest rate from the existing 2.0 per cent to 1.5 per cent on funds from the Export Development Fund (EDF).

They also requested to take initiatives to increase the number of installments of loan repayment - regarding the fund for wage payment of workers and employees - from the existing 18 to 36.

In response to the BGMEA's demands, the BB governor assured the leaders of looking into the issues.

Mentioning that the apparel sector is contributing a lot to the country's economy, he said: "The central bank is ready to extend all possible cooperation to the sector".

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