Fund set up to boost Bangladeshi exports
An ‘Export Readiness Fund’ (ERF) has been launched to assist companies in Bangladesh’s four key target sectors to increase their export earnings. These sectors are footwear, leather and leathergoods, plastics and light engineering products. Worth £7.6 million ($10 million), this financial grant has been implemented by the government’s Ministry of Commerce with support from the World Bank Group, and is being rolled out under the Export Competitiveness for Jobs (EC4J) project.
The aim of the ERF project is to address the key constraints which are said to be hindering market access of the target sectors, and has been designed to assist qualifying companies to both identify and address environmental, quality and social compliance gaps.
According to EC4J project director Obaidul Azam, the new programme will upgrade products and production processes, and help companies to meet the standards set by large buyers and brand owners, while being able to comply with the laws and regulations demanded by major export markets.
This article was originally published on page 2 of the February 2020 issue of SATRA Bulletin.