The Alliance for Bangladesh Worker Safety has brokered a first-of-its-kind agreement with the International Finance Corporation (IFC) to help suppliers finance factory repairs. Through the resulting credit facility, the IFC will provide $10 million each to five Bangladeshi banks—$50 million total—for affordable loans to factory owners making necessary safety repairs. In this Apparel Magazine article, Ellen Tauscher comments on the significance of the agreement.
"We are pleased to join forces with the IFC to launch this initiative, which promises to provide much-needed support to factory owners, speed the process of implementing repairs and help protect millions of garment workers," said Ms. Tauscher, independent chair of the Alliance. "By working together to drive results, we can help an entire industry embrace and implement a new, sustainable standard for safe workplaces."
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