IFC gives $50m for factory upgrades, Daily Star

The International Finance Corporation, a member of the World Bank Group, has announced a programme to make Bangladesh’s garment industry safer for workers, providing million to five local banks and forming partnerships with leading international buyers.

This is IFC’s first deployment of long-term financing to Bangladeshi banks, according to a statement. The initiative comes as many factories have found it difficult to access the capital needed to make the improvements necessary to meet buyers’ standards.