McCormick Partners with Citi, IFC on Sustainability-Linked Financing in Supply Chain
August 02 2021 - 4:21PM
Dow Jones News
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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