Standard Chartered Bank has disbursed USD Denominated Pre-Shipment Loans, to support the Ready-Made Garments industry face the challenges imposed by COVID-19, said a media release on Monday.

The unique COVID-19 response finance programme was designed through consultation with renowned buyers, enabling enhanced liquidity support for clients in a challenging environment.

The Bank’s clients can avail one-year liquidity support for payment of wages, utilities and other operational expenses under this programme, with a moratorium period of 3 months. More than 20,000 workers received their multiple months’ salaries and festival bonuses on time through these loans, according to the release.

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Standard Chartered leveraged its long-standing relationship with many of the top retailers and strong working relationship with the BGMEA and Bangladesh Bank to lead this collaborative effort to stand by the RMG industry with timely solutions.

Managing Director of Fakir Fashions Ltd Fakir Kamruzzaman Nahid, a recipient of the facility, said: “The impact of the pandemic on the lives, livelihoods and the overall economy cannot be overstated. At a time like this, the USD based Pre-Shipment Loans introduced by Standard Chartered offered us a chance to reduce our financial expenses as well as cement our longstanding relationship with our buyer.”

Chairperson of Dekko Legacy Group M Shahadat Hossain, another beneficiary of the facility, said: “COVID-19 is something which totally left us unprepared, especially during the initial months in 2020. Ours is an industry which deals with tight deadlines, massive workers and unpredictable buyers.”

He mentioned that when they received support from the government’s stimulus package, it was a big relief.

Standard Chartered Bank Bangladesh Chief Executive Officer Naser Ezaz Bijoy said that Standard Chartered Bank prides itself on the Here for Good promise, and there has never been a more important time to deliver on that promise.

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“I am extremely grateful for the timely support we got from Bangladesh Bank to offer these low interest USD denominated loans to our exporter clients. As the largest international bank in the country, with our unique global network and our relationship with buyers, we had an important role to play during this crisis,” he said.