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Alliance Sets Plan to Finance Bangladesh Factory Upgrades [1]
['Syed Zain Al-Mahmood']
Date: 2023-04
On April 24 of this year a woman visits the site of the Rana Plaza building collapse to mourn the loss of her daughter as part of a gathering on the one-year anniversary of the disaster.
DHAKA, Bangladesh—After the horrific collapse of the Rana Plaza factory building last year, the thorny question remained as to who would pay to bring Bangladesh’s garment factories up to code.
Now, some 18 months after the disaster that killed more than 1,100 people, an alliance of international retailers—led by Wal-Mart Stores Inc., Gap Inc. and VF Corp.—has come up with a plan. The group, Alliance for Bangladesh Worker Safety, has established a mechanism that will give Bangladeshi factories access to low-cost loans backed by a corporate guarantee.
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[1] Url:
https://www.wsj.com/articles/alliance-sets-plan-to-finance-bangladesh-factory-upgrades-1417791607
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