The Accord on Fire and Building Safety recently approved two additional applications from Accord-covered factories to receive financial support for remediation through the Accord Inactive Factory Remediation Fund, adding up to a total of five factories, said an official release. The Inactive Factory Remediation Fund was launched to support Accord covered RMG factories that no longer have any Accord company signatories as customers. Remediation progress is slower at these factories than at factories with continued business with Accord signatory companies.
The factories receiving financial support are Hypoid Lingerie Ltd., Ritzy Apparels, Everbright Sweater Ltd., Ayesha Enterprise Ltd. and Meek Knit Ltd. The amount of support provided thus far totals more than 4 cr BDT ($ 514.000).
The Accord will contribute to the outstanding remediation costs of these factories and will distribute the funds in four installments. The first is provided when signing the funding agreement and the remaining three will be provided based on Accord verified completion of the remediation commensurate with the preceding installment.