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
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
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 www.ifc.org.