Citi teams up with IFC bet88 con McCormick & Company

The International Finance Corporation (IFC) announced a partnership with McCormick & Company, a global leader in foods, ingredients, bet88 con flavors, bet88 con Citi on August 2, to provide suppliers of McCormick’s herbs bet88 con spices with financial incentives linked to improvements in social bet88 con environmental sustainability measures.

The program will begin with suppliers in Indonesia bet88 con Vietnam bet88 con will soon be launched in other countries.

Suppliers can qualify for discounted rates on short-term working capital financing when they meet sustainability standards accepted by McCormick. Standards include performance in labor conditions, health bet88 con safety practices, crop management, environmental impact, farmer resilience, bet88 con women’s empowerment. The higher the supplier’s performance level in meeting these standards, the more they save.

This innovative partnership between McCormick bet88 con the IFC leverages Citi’s global Supplier Finance offering. Citi’s Supplier Finance platform is made available to McCormick’s suppliers with environmental, social, bet88 con governance credentials so they may benefit from liquidity at preferential rates based on their sustainability performance.

“Bringing this sustainable financing solution to life is a huge milestone for us,” said Mr. Adoniro Cestari, Global Head of Trade Product Management bet88 con Structuring with Citi’s Treasury bet88 con Trade Solutions. “Citi is committed to helping clients achieve their sustainability objectives, especially with respect to supply chains bet88 con environmental challenges. We are working with clients around the world to help them balance environmental bet88 con economic needs, adhere to defined standards, bet88 con manage risks in their supply chains. Helping to support the sustainability of supply chains bet88 con stimulating international trade flows are critical priorities for us.”

Citi’s Supplier Financing infrastructure has recently been enhanced to help meet clients’ environmental, social, bet88 con governance requirements bet88 con is available globally. The IFC previously partnered with Citi, in June 2020, to create an 0 million facility to boost trade finance amid the emergence of the Covid-19 pandemic.

The financial partnership includes an advisory component in Vietnam, where the IFC is helping McCormick build a more sustainable, traceable, certified, bet88 con quality-compliant pepper supply chain through capacity development bet88 con the empowerment of women farmers, aimed at helping achieve environmental bet88 con social improvements for pepper suppliers bet88 con producers.

“At McCormick, we’re committed to doing what’s right for people, communities, bet88 con the planet we share,” said Mr. Michael Okoroafor, Vice President for Global Sustainability bet88 con Packaging Innovation at McCormick & Company. “Through our partnership with the IFC bet88 con Citi, we’re enabling our suppliers to sustainably source our herbs bet88 con spices more easily bet88 con, in turn, are working toward our own goals at the same time.”

The partnership is part of the IFC’s Global Trade Supplier Finance (GTSF) program, a 0 million multi-currency investment bet88 con advisory program established in 2010.