Prime Bank partners BB to finance for safety upgrades in RMG sector

Prime Bank has signed a Participating Financing Institution (PFI) agreement with the Bangladesh Bank (BB) to avail pre-financing under the project ‘Programme to support safety retrofits and environmental upgrades in the Bangladeshi RMG sector project (SREUP)’.

Md Abdul Mannan, BB general manager and project director (SREUP), and Faisal Rahman, managing director and CEO (current charge) of Prime Bank, signed the agreement on behalf of the their respective organisations at the Bangladesh Bank on Thursday, reads a press release.

BB Executive Director Abu Farah Md Naser was present at the ceremony as the chief guest.

The project is being implemented under SME and Special Programmes Department (SMESPD) of BB with €50 million loan fund and €14.29 million grant facilities from AFD, France, and other developing partners.

The partners are providing the fund as financial and technical support to readymade garments (RMG) factories for safety and environmental upgrades.