IFC pledges $50 million for garment workers’ safety in Bangladesh
08/07/2015
“Bangladesh’s ready-made garment industry employs more than 4 million people—mostly women—in about 4,500 factories. The sector accounts for about 80% of the country’s exports,” said on making the announcement. “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.”
It 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 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.
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