Using cmd.exe in Git Bash, how do I properly escape a single command that sets and echoes a variable

Solution for Using cmd.exe in Git Bash, how do I properly escape a single command that sets and echoes a variable
is Given Below:

Running the following command directly in a Windows command prompt cmd.exe /D /V /C "Set "var=TEST" & Echo !var!" the correct value TEST will return. How do I properly escape this command so that I can run it in Git Bash?