Home / Knowledge / News / Apparel/Garments / VF Corp guarantor for Bangla safety improvement loans
VF Corp guarantor for Bangla safety improvement loans
04
Sep '14
VF Corporation, global retailer of iconic garment brands like Wrangler, Lee and Nautica, has taken a big step forward in its commitment to improve safety standards in Bangladesh garment factories.

VF will stand guarantor for $10 million in financing to be extended by International Finance Corporation (IFC) for building upgrades and fire and safety improvements in its vendor factories in Bangladesh.

These funds are part of VF’s overall $17 million commitment to the health and safety of Bangladeshi garment workers.

With the support of IFC, this program provides an innovative solution to facilitate indirect financing support from VF to help improve supplier factory safety. IFC will utilize its in-house expertise on environmental and social standards to support the effort.

The program will also enable IFC to offer loans at a reasonable cost to qualified suppliers who own factories in Bangladesh that produce VF products, helping to accelerate the implementation of needed fire and building safety improvements.

“The safety of the people making our products around the world is imperative,” says Eric Wiseman, CEO at VF Corporation.

“Our program with IFC helps to ensure that our suppliers have access to the necessary capital to complete safety improvement plans”, he informs

Qualifying suppliers will undergo structural, electrical and fire safety assessments under the protocol outlined by the Alliance for Bangladesh Worker Safety, of which VF is a member and the funding will be used to implement corrective action plans derived from these assessments.

Individual loans granted to suppliers are expected to range from $100,000 to $1 million and must address one of three applicable performance standards.

According to Serge Devieux, IFC Director for South Asia, employment in the apparel industry has reduced poverty for millions of women in Bangladesh.

He adds, “This financing model, which we think could work well for other buyers and suppliers, will help Bangladesh’s suppliers improve work conditions and strengthen the country’s ability to attract garment manufacturers.” (AR)

Fibre2fashion News Desk - India


Must ReadView All

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Apparel/Garments | On 18th Nov 2017

Sri Lanka’s apparel exports rise after EU GSP+ reinstatement

Sri Lanka’s apparel exports from January to September 2017 has...

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Apparel/Garments | On 18th Nov 2017

Bangladesh plans 2 leather estates in Rajshahi, Chittagong

Bangladesh Prime Minister Sheikh Hasina has said two more leather...

ASEAN, Hong Kong sign free trade agreement

Textiles | On 18th Nov 2017

ASEAN, Hong Kong sign free trade agreement

The Association of Southeast Asian Nations (ASEAN) and Hong Kong...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search