Prime Bank has signed a Participating Financing Institution (PFI) agreement with the Bangladesh Bank to avail pre-financing under the Program to Support Safety Retrofits and Environmental Upgrades in the Bangladeshi RMG sector Project (Sreup).
The project is being implemented under the SME and Special Programmes Department of the Bangladesh Bank to provide financial and technical support to ready-made garments factories for safety and environmental upgrades, read a press release.
It is being funded with a €50 million (more than Tk5.13 billion) loan fund and €14.29 million (more than Tk1.4 billion) in grant facilities from AFD, France and other developing partners, it adds.
Md Abdul Mannan, general manager and project director (Sreup) of the Bangladesh Bank, and Faisal Rahman, managing director and CEO (Current Charge) of Prime Bank, signed the agreement on behalf of their respective organisations.
The signing ceremony took place in Jahangir Alam Conference Hall at the Bangladesh Bank on Thursday. Abu Farah Md. Naser, executive director of Bangladesh Bank was the chief guest at the ceremony.