As per the latest news, Standard Chartered Bangladesh has successfully initiated the country’s first feasible trade finance transaction regionally.
In this regard, Square Textiles, a subsidiary of Square Group has been facilitated with the feasible trade finance backing by the bank, in providing yarn using sustainably sourced cotton to its local purchaser Echotex Ltd under a Letter of Credit transaction, as per a press release.
Square Textiles Ltd is a producer of feasible yarn made from cotton that was sourced from feasible cotton manufacturers, who are also members of the Better Cotton Initiative (BCI), the biggest cotton feasibility program in the world.
Echotex is an export-oriented clothing firm and a member of the BCI, manufacturing apparel from fabric made of feasible yarn and supplies to international buyers who are willing to supply goods produced under feasible standards.
Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh explained in a press release, “Our vision is to turn into the most feasible and committed bank and the leading private sector catalyst for the viable development goals where it is essentially the most, across Asia, Africa, and the Middle East.”
“Facilitating viable trade finance to the textile and clothing sector in Bangladesh is a huge step towards understanding this vision.”
Bangladesh is one of the top suppliers of apparel across the world, so there is a lot of opportunities to facilitate viable trade finance to backward linkage producers, who source viable cotton, and to exporters, who manufacture using feasible fabric and supply to retailers, who are concerned about their feasibility impression.
“This demonstrates a noticeable opportunity to encourage feasibility across the cotton supply chain.” He added.
Tapan Chowdhury, chairman of Square Textiles, explained, “As one of the leading clothing organizations in the nation, we know about our obligation to show others how it's done, and henceforth, we have put intensely in our supportability drive.”
The organization sources cotton from BCI member sellers and is supplying yarn to exporters who have retailers as their ultimate purchasers, matched with viability.
He added, “Thereby we are contributing to end-to-end viable cotton initiatives across the textile and clothing supply chain.”
According to Mohammad Bin Quasem, a director of Echotex, “In addition to our focus on the environment, being viable is also commercially advantageous.”
“This is due to the customers in our export markets who are turning out to be progressively climate cognizant, and the worldwide retailers currently prefer to source from organizations that produce feasibly.”
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