Dive Summary:
- Walmart Stores plans to lend $50 million to Bangladesh factory owners following the widely-publicized collapse of the Rana Plaza garment complex earlier this year.
- Walmart’s loan is a part of combined total of $100 million being donated to the effort by a select group of 17 North American retailers, which includes Target.
- The loans are part of a pact agreed upon by the group earlier this year aimed at improving factory safety for Bangladesh factory workers.
From the article:
A separate accord signed by Hennes & Mauritz AB (HMB) and Inditex SA, Europe’s two largest clothing retailers, pledged at least $60 million over five years to monitor safety in Bangladesh plants. The Europe plan obligates companies to ensure their factories have the capital to make necessary repairs.
