By Kimberly Chin

 

McCormick & Co. has partnered with Citigroup Inc. and global development institution IFC to provide the company's suppliers with financial incentives to improve their performance on social and environmental factors.

The spice and seasoning company's suppliers will be able to qualify for discounted rates on short-term working capital financing when they meet certain acceptable sustainability targets, such as standards related to labor conditions, health and safety practices, environmental impact and women's empowerment, McCormick said.

McCormick has started this program with its suppliers in Indonesia and Vietnam and has plans to roll it out in other countries. IFC, which focuses on helping the private sector in emerging markets, is working in Vietnam with McCormick to build more sustainable, traceable and quality-compliant pepper supply through empowering women farmers and developing capacity, the company said.

 

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

August 02, 2021 16:07 ET (20:07 GMT)

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