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12 Jul 2015

Accord on Fire and Building Safety in Bangladesh

Bangladesh: Accord signs co-operative agreement with Intl. Finance Corporation to provide loans for RMG factory safety improvements

The Accord on Fire and Building Safety in Bangladesh...conducted....Inspections for fire, structural, and electrical safety...at... RMG...factories. Corrective action plans (CAPs) are developed to identify safety hazards at each factory...The IFC program...will provide $50 million in affordable terms loans to help fund RMG factory safety remediation...The IFC safety remediation loans program will be implemented with 5 Bangladesh partner banks. The Accord will contribute $250,000 to the initiative. The Accord will train the IFC partner banks on Accord inspections and CAPs and share information on remediation monitoring & verification of beneficiary factories. 

Part of the following timelines

24 garment & retail brands sourcing from Bangladesh sign on to the Accord on Fire and Building Safety in the country

2 agreements to improve safety in Bangladesh garment factories launched this week: "Accord on Fire and Building Safety" and "Alliance for Bangladesh Worker Safety"

Bangladesh safety accord unveils its website - provides information on factory's infrastructure & workers

Bangladesh: Accord reports on factories' inspections, labour rights advocates say it's a long way from success