Feedback Here

fbook  tweeter  linkin YouTube
Global contents also translated in Chinese

Alliance for Bangladesh Worker Safety collaborates with IFC

The Alliance for Bangladesh Worker Safety, for the first time has collaborated with the International Finance Corporation (IFC) to aid suppliers with costs for factory repairs. Almost $50 million will be provided by IFC as per the new deal. This will be evenly distributed across five banks in the country through affordable loans, which will help garment factory owners who wish to make safety improvements. It can be challenging at times to procure finance and it can be cost-prohibitive. High interest rates and unfeasible repayment periods also prove to be a hazard.

the Bangladesh RMG SEF Safety Remediation Financing Program, which is named thus by the Alliance-IFC credit facility, will offer affordable interest rates, which can be repaid over a three to five year period. The Alliance represents 26 global brands and retailers is to donate $250,000 to fund the facility’s operation.

The Alliance will also offer on-the-ground resources and a team of qualified inspectors to the factories. This will ensure that the factory owners complete their corrective action plans, which include specific fire, structural and electrical repairs. These corrective measures will make the facilities on par with international standards as timely progress on them is necessary to maintain favourable loan terms.

 
LATEST TOP NEWS
 


 
MOST POPULAR NEWS
VF Logo