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Walmart ready to loan USD50m to Bangladesh factories

Wal-Mart Stores Inc told investors on Thursday that it could provide up to USD50 million in low-interest loans or other types of payments to Bangladesh factory owners for building improvements.

The money is part of the more than USD100 million in loans and access to capital that a group of North American companies including Wal-Mart and Gap Inc pledged in July. The Bangladesh central bank would need to approve any foreign currency loan. Details about lending rates also need to be finalised.

A massive push for improved factory conditions in Bangladesh comes after 1,129 workers were killed in the collapse of a garment plant in April and another 112 people perished in a factory fire there in November.
 

(Source: CNBC)