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“Puma works with in excess of 300 external manufacturers, located for the most part in Asia and it sells its products in more than 120 countries. The group wanted to put a financing program for all its worldwide suppliers in place in a bid to reward them in their application of social and environmental standards,” explained the press statement released on 07 September by BNP Paribas. The program is based on a partnership between PUMA, BNP Paribas, IFC (International Finance Corporation – a member of the World Bank Group and primary global institution for private sector development in emerging countries), and GT Nexus (an IT platform provider specializing in international business and supply chains). This partnership aims to allow the best-ranked suppliers access to attractive financing (essentially via short term rollover funding). Favorable terms will be awarded once the companies’ commitments vis-à-vis social and environmental standards as defined by the textiles company have been verified. The partners view this initiative as an incentive to suppliers to invest in respecting social en environmental standards.
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