Home / Knowledge / News / Apparel/Garments / IFC unveils plan to make Bangla garment factories safer
IFC unveils plan to make Bangla garment factories safer
08
Jul '15
The campaign for safety in the Bangladeshi readymade garment sector has received a boost with the International Finance Corporation (IFC), a member of the World Bank Group, announcing a wide-ranging safety programme by providing $50 million to local banks and forming partnerships with leading international buyers. This is IFC’s first deployment of long term financing to Bangladeshi banks.

In a press statement, IFC said despite a strong desire to improve worker safety, many factories have found it difficult to access the capital necessary to make the improvements necessary to meet buyer’s standards.

According to the statement, IFC will provide $10 million each in financing to five Bangladeshi banks which will allow participating banks to increase lending to garment factories specifically to improve their structural, electrical and fire (SEF) safety infrastructure. Prime Bank Limited has already signed up to the initiative, and four other Bangladesh banks are expected to follow in the coming weeks.

In addition, IFC signed separate cooperation agreements with the Alliance for Bangladesh Worker Safety (Alliance) and the Accord on Fire Safety and Building Safety in Bangladesh (Stichting Bangladesh Accord Foundation), who represent dozens of the world’s leading garment brands. The two organizations will assist garment factories to undertake the SEF upgrades, and monitor compliance, the statement said.

“Broad, innovative partnerships are necessary to improve the safety of workers in this critical industry,” said IFC CEO and EVP Jin-Yong Cai. “Banks, international buyers, and manufacturers have a shared interest in this issue because it’s indispensable to making Bangladeshi garment factories more competitive and sustainable.”

The Alliance and the Accord will each contribute $250,000 to support the program implementation. Together with IFC, the Accord and Alliance have both provided training to participating banks on the factory remediation process and understanding the resulting SEF corrective action plans (CAPs), and they are monitoring factory progress on compliance against these CAPs. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Stone Island

Apparel/Garments | On 25th Jun 2018

Stone Island has mastered ingredient branding: Braind

Italian high-end men's apparel brand Stone Island tops the list of...

Courtesy: Tecnorama

Textiles | On 25th Jun 2018

'Tecnorama automatic dyeing system offers efficiency'

Italy based Tecnorama’s fully-automatic machinery for dispensing...

Courtesy: Pantone

Textiles | On 25th Jun 2018

Pantone unveils polyester standards

Pantone, provider of professional colour standards for the design...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Bani Batra

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search