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The Good Fashion Fund (GFF), a Netherlands-based impact investment fund promoting sustainable practices in the fashion industry, has made its first investment in Bangladesh.
Progress Apparel Ltd, a woven pant exporter based in Adamjee EPZ, Narayanganj would build a modern in-house washing plant out of the $1 million investment, according to a press statement.
The washing plant will be equipped with state-of-the-art washing, drying, and hydro machinery selected for its efficient use of water and chemicals.
The Good Fashion Fund’s investment – which is structured through Progress Apparels’ holding company in Hong Kong, PDS Ltd – is enabling the company, as a new player in the textile sector, to access international funding whilst promoting sustainable investments.
The investment in the in-house washing plant not only generates savings in water and chemical usage compared to conventional machinery, but also promotes supply chain traceability and transparency as washing is no longer outsourced, and the factory is now well capable of monitoring water, energy and chemical usage and the social well-being of its employees. Limiting transport to and from the outsourced facility will further reduce emissions.
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