News Column

VF Bangladesh

July 14, 2014

Project Status : Active Date SPI disclosed : June 30, 2014 Projected board date : August 5, 2014 Last Updated Date : June 30, 2014 Project number : 35095 Region : South Asia Company name : VF Corp Country : Bangladesh Sector : Q-BA - Retail (Including Supermarkets, Grocery Stores, etc.) Department : Gbl Ind, Manufact, Agribus & Services Environmental category : B Status : Pending Approval Project Description : The project involves provision of loans to select existing suppliers of ready-made garments (RMG) from Bangladesh to finance their capital expenditures for building structure upgrades and fire safety improvements. The proposed project is being structured in collaboration with VF Corporation, a US based apparel company and purchaser of the suppliers to receive financing under the project. VF Corporation is a founding member of the Alliance for Bangladesh Worker Safety (the Alliance ), an initiative launched by a group of North American apparel companies and retailers to improve safety in Bangladeshi RMG factories. As part of its commitment under the Alliance and to continue its corporate social responsibility, VF Corporation is partnering with IFC to facilitate financing provision for its suppliers to implement pre agreed building and fire safety improvement actions. Project Sponsor and Major Shareholders of Project Company : The project sponsor is VF Corporation, a leading apparel and footwear company owning more than 30 brands including Timberland, The North Face and Wrangler. The company s operations are organized by five distinct business lines: (i) Outdoor & Action Sports, (ii) Jeanswear, (iii) Imagewear, (iv) Sportswear, and (iv) Contemporary Brands. VF Corporation is listed on the New York Stock Exchange and its operations have global reach. VF brands are sold in more than 150 countries through 47,000 retailers and 1,100 company owned retail stores. Additionally, many brands are also sold directly to consumers over the Internet. In 2013, VF Corporation posted revenues of US$11 billion and Net Income of US$1.2 billion. The company has approximately 57,000 employees working in locations across the globe. Total Project Cost and Amount and Nature of IFC%s Investment : IFC is proposed to provide a total commitment of up to US$10 million to be divided in several individual loans to select Bangladeshi RMG suppliers of VF Corporation. The individual loans are expected to be in the range of US$100,000US$1million, depending on the scope and cost of individual corrective action plans designed to improve life and fire safety standards of manufacturing units of the proposed suppliers. Location of Project and Description of Site : The project will be implemented in several RMG factories spread across Bangladesh. Expected Development Impact (i) Improvement of building safety of a select group of RMG factories in Bangladesh; (ii) Promotion of sustainable operations at the rele

Project completion date : 2015-06-30 12:00:00

Major organization : VF CORPORATION

Address : 105 Corporate Center Blvd.Greensboro, NC 27408 USA Website : Attn: Scott Deitz -Vice President, Corporate Relations

Country :United States

Financier : International Finance Corporation (IFC),

Financier address : Financier : International Finance Corporation (IFC) 2121 Pennsylvania Avenue, NW Washington, DC 20433 United States Website : Tel : (202) 473-3800 Fax : (202) 974-4384

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Source: TendersInfo (India)

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