Many of our garments from fast fashion to mass retailers bear the inscription, “Made in Bangladesh.” While the nation is second behind China as the largest exporter of apparel, they are looking to create infrastructure to create jobs beyond the garment sector. One which is responsible for around 80 percent of the country’s exports. Through financing from the World Bank, they are hoping to, “diversifying its exports, and repeat the garment sector success story in other sectors,” reports Sourcing Journal Online.
A Hefty Investment
To fund this endeavor, the money will come from two programs within the World Bank. The first $357 million will come from the Investment Promotion and Financing Facility Project II which was approved roughly six months ago. Through this project their aim is to increase the capability of,
“local financial institutions for promoting private sector-led infrastructure financing in container terminals, land ports, roads and bridges, as well as power and energy, information and communication technology, waste management, water treatment and energy saving equipment.”
According to the same report, to become a bigger power player when it comes to trade, they are seeking the implementation of: container terminals, land ports, roads and bridges, as well as power and energy, information and communication technology, waste management, water treatment and energy saving equipment.
The remaining funding, to the tune of $100 million, will come from Export Competitiveness for Jobs Project. This specific program is enabling local businesses with help in reaching international markets, become on par with current technology, as well as assisting in job skills development. These goals, amongst others, are aiming to add 90,000 new jobs to the market.
There are many goals that are expected to be reached through this new $457 million investment by the World Bank. One of the overarching ones is to create opportunities for young Bangladeshi who will enter the labor force in the near future. In addition, they are looking to increase female worker participation across all sectors. By achieving these they can create a sounder economic foundation for upcoming generations. One that does not solely exist on the ready-to-wear garment market.