Five garment factories have received financial support worth Tk 40 million for remediation purpose from Accord.
The fund was provided under the EU based apparel brand’s ‘Inactive Factory Remediation Fund’, according to a statement.
“The Accord on Fire and Building Safety Tuesday approved two additional applications from Accord-covered factories to receive remediation financial support through the Accord Inactive Factory Remediation Fund, adding up to a total of five factories,” said the apparel brand.
Accord will contribute to the outstanding remediation costs of these factories and will distribute the funds in four instalments, added the statement.
The fund was launched in February 2017 to support Accord covered readymade garment (RMG) factories that no longer have any Accord company signatories as customers.
The factories receiving financial support are: Hypoid Lingerie Ltd, Ritzy Apparels, Everbright Sweater Ltd., Ayesha Enterprise Ltd. and Meek Knit Ltd.
The factories currently do not supply RMG to Accord signatory brands and buyers and remediation progress is at these factories are slower.
The first instalment was provided on Tuesday when the EU based apparel brand approved the applications.
The remaining three instalments will be provided upon completion of remediation with the first instalment and verified by Accord.
