BANKING AND FINANCIAL SERVICES

IFC proposes to establish a comprehensive sectorial program to strengthen safety infrastructure in the ready-made garment (RMG) sector in Bangladesh. Under the program, IFC would engage with selected local banks (Partner Banks) to provide financing to RMG enterprises to implement structural, electrical and fire safety (SEF) retrofitting/ civil works and renovations upgrades and essential for worker safety (the Program). This is fundamental not only from an environmental and social perspective but also from a competitive angle as the RMG sector accounts for significant employment, export earnings and manufacturing in the country. The SEF safety necessary upgrades are identified in the corrective action plans (CAPs) carried out by (i) the Alliance for Bangladesh Worker Safety (Alliance) (ii) the Bangladesh Accord on Fire and Building Safety (Accord) and similar credible institutions such as National Tripartite Plan of Action on Fire Safety and Structural Integrity in the garment Sector of Bangladesh (NTPA)

Bangladesh