The Good Fashion Fund (GFF), an investment fund based in the Netherlands that promotes sustainability in the fashion industry, has made its first investment in Bangladesh. The fund has provided USD 1 million in funding to Progress Apparel Ltd., enabling the company to establish a modern in-house washing plant at the Adamjee EPZ's factory in Narayanganj, Dhaka.
The newly equipped washing plant will feature advanced machinery known for its efficient use of water and chemicals. Through its investment, structured via Progress Apparel's holding company in Hong Kong, PDS Ltd., GFF is facilitating international funding for the company and encouraging sustainable investments in the textile sector.
Pallak Seth, Executive Vice Chairman of PDS Limited, expressed their commitment to environmental sustainability, stating, "Our association with the Good Fashion Fund serves as a testament to PDS's commitment to collaborating with esteemed institutions that prioritize environmental sustainability and circularity."
Sanjay Jain, Group CEO of PDS Limited, emphasized the positive impact of the investment on their operations, stating, "This investment allows us to leverage their expertise for the betterment of our operations and overall sustainability goals."
Bob Assenberg, Fund Director of the Good Fashion Fund, expressed excitement about the investment, stating, "This partnership demonstrates that sustainability can go hand-in-hand with economic savings and is essential for transforming the apparel supply chain."
