Dhaka, Bangladesh, November 9, 2008
—The Bangladesh Garments Manufacturers and Exporters Association has honored IFC, a member of the World Bank Group, for its efforts to help improve labor conditions for more than 2.4 million people who work in the country’s garments industry.
IFC has worked with the association for five years to implement audits of fire drills, worker safety and child-labor monitoring in Bangladesh’s ready-made garments sector, where most workers are women. So far 1,240 factories have been audited and by the end of the year, all remaining factories in Bangladesh will be covered.
This week, the association presented a crest of honor to IFC. Among other achievements, the association cited the Productivity Improvement Program that was designed and implemented by IFC at numerous factories. The program addressed a critical market gap--the need for local service providers who can help garment factories become more efficient and competitive. It led to the emergence of seven service providers who are now catering to the market on a commercial basis
Deepak Adhikary, head of IFC Advisory Services in South Asia, received the crest of honor on IFC’s behalf. It was presented at the Bangladesh Apparel & Textile Exposition, which was held from November 6 through November 8. “Good compliance practices and improved productivity can help companies create long-term value and sustainability,” asserted Mr. Adhikary.
IFC Advisory Services in South Asia works to increase access to finance and quality business development services in the region, in partnership with the governments of the Netherlands and Norway, the European Commission, the U.K. Department for International Development, the Canadian International Development agency, and the Asian Development Bank.
IFC also works to create a business-enabling environment and supports value addition to firms through sector development, advisory services, capacity-building programs, training, and research.
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit