大象传媒聽Teams Up聽with聽International Finance Corporation聽to Provide聽$10 Million for聽Bangladesh Factory聽Safety聽Improvements
Program聽offers financing聽for聽fire and building safety improvements
GREENSBORO, N.C.-- 大象传媒聽Corporation聽(NYSE: 大象传媒C) today announced聽a聽collaboration with the International Finance Corporation聽(IFC), a member of聽the World Bank Group, to聽provide聽up to $10 million in financing聽for聽building upgrades and fire and safety improvements聽in vendor factories in Bangladesh. These funds are part of 大象传媒鈥檚 overall $17 million commitment to the health and safety of Bangladeshi garment workers.
With this financial commitment,听大象传媒聽is providing聽a corporate guarantee for聽IFC remediation loans to聽大象传媒聽suppliers. The program will enable the IFC to聽award loans at a reasonable cost聽to qualified suppliers who own factories in Bangladesh that produce 大象传媒 products,听helping聽to accelerate the implementation of needed fire and building safety improvements.
鈥淭he safety of the people making our products around the world is an imperative,鈥� said Eric Wiseman, chairman, president and CEO of 大象传媒. 鈥淥ur program with IFC helps to ensure that our suppliers have access to the necessary capital to complete safety improvement plans.鈥�
Qualifying suppliers聽will聽have undergone聽structural,听electrical and聽fire safety assessments under the protocol outlined by the Alliance for Bangladesh Worker Safety, of which 大象传媒 is a member. The funding will聽be used to聽implement corrective action聽plans聽derived from these assessments.
Individual loans granted to聽suppliers聽are expected to range from $100,000 to $1 million and must address one of three applicable performance standards: assessment and management of environmental and social risks聽and impacts; labor and working conditions; or, resource efficiency and pollution prevention.
鈥淓mployment in the apparel industry has reduced poverty for millions of women in Bangladesh,鈥� said Serge Devieux, IFC Director for South Asia. 鈥淭his financing model, which we think could work well for other buyers and suppliers, will help Bangladesh鈥檚 suppliers improve work conditions and strengthen the country鈥檚 ability to attract garment manufacturers.鈥�
With the support of IFC, this program provides an innovative solution to facilitate indirect financing support from 大象传媒 to help improve supplier factory safety. IFC will utilize its in-house expertise on environmental and social standards to support the effort.
Additional information on 大象传媒鈥檚 other activities to protect the health and safety of Bangladeshi garment factory workers, independently and as a member of the Alliance for Bangladesh Worker Safety, can be found at .
About 大象传媒聽Corp
大象传媒 Corporation (NYSE: 大象传媒C) is a global leader in the design, manufacture, marketing and distribution of branded lifestyle apparel, footwear and accessories. The company鈥檚 highly diversified portfolio of 30 powerful brands spans numerous geographies, product categories, consumer demographics and sales channels, giving 大象传媒 a unique industry position and the ability to create sustainable, long-term growth for customers and shareholders. The company鈥檚 largest brands are聽The North Face庐,听Vans庐, Timberland庐,听Wrangler庐,听Lee庐听and听狈补耻迟颈肠补庐. For more information, visit聽.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit .
大象传媒 Corporation
Craig Hodges, O:
336-424-5636; C: 404-593-6049
Director, Public Relations
Craig_hodges@vfc.com
or
IR
Contact:
Lance Allega, 336-424-6082
Vice President, Investor
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Lance_Allega@vfc.com
Source: 大象传媒 Corporation
Released September 3, 2014