{"id":521431,"date":"2021-08-02T14:42:07","date_gmt":"2021-08-02T18:42:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ifc-mccormick-company-and-citi-establish-sustainability-linked-financing-partnership\/"},"modified":"2021-08-02T14:42:07","modified_gmt":"2021-08-02T18:42:07","slug":"ifc-mccormick-company-and-citi-establish-sustainability-linked-financing-partnership","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ifc-mccormick-company-and-citi-establish-sustainability-linked-financing-partnership\/","title":{"rendered":"IFC, McCormick &amp; Company, and Citi Establish Sustainability-Linked Financing Partnership"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\" style=\"font-weight:normal\"><b>IFC, McCormick &amp; Company, and Citi Establish Sustainability-Linked Financing Partnership <\/b><\/p>\n<p>WASHINGTON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nIFC today announced a partnership with McCormick &amp; Company, a global leader in flavor, and Citi, to provide suppliers of McCormick\u2019s herbs and spices with financial incentives linked to improvements in measures of social and environmental sustainability. The program has started with suppliers in Indonesia and Vietnam, and will soon be launched in other countries.\n<\/p>\n<p>\nUnder the initiative, suppliers can qualify for discounted rates on short-term working capital financing when they meet sustainability standards accepted by McCormick. Those standards include performance on labor conditions, health &amp; safety practices, crop management, environmental impact, farmer resilience, and women\u2019s empowerment. The higher the supplier\u2019s performance level in meeting these standards, the more they save.\n<\/p>\n<p>\nThe financial partnership includes an advisory component in Vietnam, where IFC is helping McCormick build a more sustainable, traceable, certified, and quality-compliant pepper supply chain through capacity development and the empowerment of women farmers, aimed at helping to achieve environmental and social improvements for pepper suppliers and producers.\n<\/p>\n<p>\n\u201cAt McCormick, we\u2019re committed to doing what\u2019s right for people, communities, and the planet we share. Through our partnership with IFC and Citi, we\u2019re enabling our suppliers to sustainably source our herbs and spices more easily, and, in turn, are working toward our own goals at the same time,\u201d said Michael Okoroafor, Vice President for Global Sustainability and Packaging Innovation at McCormick &amp; Company. \u201cThrough our Purpose-led Performance approach, we\u2019re going beyond the industry standard to ensure that we\u2019re improving farmer resilience, elevating women\u2019s empowerment, and mandating ethical behavior at every level of our supply chain.\u201d\n<\/p>\n<p>\nThis innovative partnership between McCormick and IFC leverages Citi\u2019s global Supplier Finance offering. Citi\u2019s Supplier Finance platform is made available to McCormick\u2019s suppliers with environmental, social, and governance credentials so they may benefit from liquidity at preferential rates based on their sustainability performance.\n<\/p>\n<p>\nAdoniro Cestari, Global Head of Trade Product Management and Structuring with Citi\u2019s Treasury and Trade Solutions, said \u201cBringing this sustainable financing solution to life is a huge milestone for us. Citi is committed to helping clients achieve their sustainability objectives, especially with respect to supply chains and environmental challenges. We are working with clients around the world to help them balance environmental and economic needs, adhere to defined standards, and manage risks in their supply chains. Helping to support the sustainability of the supply chains and stimulating international trade flows are critical priorities for us.\u201d\n<\/p>\n<p>\nCiti\u2019s Supplier Financing infrastructure has recently been enhanced to help meet clients\u2019 environmental, social, and governance requirements and is available globally. IFC previously partnered with Citi <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.citibank.com%2Ftts%2Fabout%2Fpress%2F2020%2F2020-0701.html&amp;esheet=52470025&amp;newsitemid=20210802005669&amp;lan=en-US&amp;anchor=in+June+2020&amp;index=1&amp;md5=bcda415a694068a1322a6d305e6bd66a\">in June 2020<\/a> to create an $800 million facility to boost trade finance amid the emergence of the COVID-19 pandemic.\n<\/p>\n<p>\n\u201cPromoting sustainable business starts with clear incentives,\u201d said Rana Karadsheh, IFC Director of Manufacturing, Agribusiness and Services for Asia and Pacific. \u201cThat\u2019s why we\u2019re proud to support McCormick\u2019s sustainability goals and build upon IFC\u2019s sustainability goals and work with them to enhance IFC\u2019s trade finance offering. Such initiatives help make sustainable business good business for emerging market players.\u201d\n<\/p>\n<p>\nThe partnership is part of IFC\u2019s Global Trade Supplier Finance (GTSF) program, a $500 million multicurrency investment and advisory program established in 2010. GTSF provides short-term financing to small and midsized suppliers in emerging markets selling to large domestic buyers or exporting to international buyers, by discounting invoices once they are approved by the buyer. The financing rates can be linked to sustainability measures to minimize impacts on the environment and promote climate-resilient agriculture practices, while connecting smallholders to global markets.\n<\/p>\n<p>\n\u201cRewarding our suppliers to incentivize sustainability performance enables us to further accelerate our journey toward achieving our Purpose-led Performance sourcing commitments,\u201d said Donald Pratt, Chief Spice Buyer and Managing Director, McCormick Global Ingredients Limited.\n<\/p>\n<p><b>About IFC <\/b><\/p>\n<p>\nIFC\u2014a member of the World Bank Group\u2014is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ifc.org&amp;esheet=52470025&amp;newsitemid=20210802005669&amp;lan=en-US&amp;anchor=www.ifc.org&amp;index=2&amp;md5=74704af0945b16e481b9bc4c9f1bc9f0\">www.ifc.org<\/a>.\n<\/p>\n<p><b>About McCormick &amp; Company<\/b><\/p>\n<p>\nMcCormick &amp; Company, Incorporated is a global leader in flavor. As a Fortune 500 company with over $5 billion in annual sales across 160 countries and territories, we manufacture, market and distribute spices, seasoning mixes, condiments and other flavorful products to the entire food industry including e-commerce channels, grocery, food manufacturers and foodservice businesses. Our most popular brands include McCormick, French\u2019s, Frank\u2019s RedHot, Stubb\u2019s, OLD BAY, Lawry\u2019s, Zatarain\u2019s, Ducros, Vahin\u00e9, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane and Gourmet Garden. Every day, no matter where or what you eat or drink, you can enjoy food flavored by McCormick.\n<\/p>\n<p>\nFounded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is guided by our principles and committed to our Purpose \u2013 To Stand Together for the Future of Flavor. McCormick envisions A World United by Flavor where healthy, sustainable and delicious go hand in hand. To learn more, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fnam04.safelinks.protection.outlook.com%2F%3Furl%3Dhttp%253A%252F%252Fwww.mccormickcorporation.com%252F%26data%3D02%257C01%257CTonya_Matthews%2540mccormick.com%257C68e6969b1d184dc8c1e208d8389bc852%257Ce274a129849d4351ab827bd413959a93%257C0%257C0%257C637321589022752765%26sdata%3DdMtXE%252FDSocyaPBnQUsDpZJHN43r20Mv%252FluOeeubK2iQ%253D%26reserved%3D0&amp;esheet=52470025&amp;newsitemid=20210802005669&amp;lan=en-US&amp;anchor=www.mccormickcorporation.com&amp;index=3&amp;md5=8026e722a48d61a680c20f95652dffcb\">www.mccormickcorporation.com<\/a> or follow McCormick &amp; Company on Twitter, Instagram and LinkedIn.\n<\/p>\n<p><b>About Citi<\/b><\/p>\n<p>\nCiti, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.citigroup.com&amp;esheet=52470025&amp;newsitemid=20210802005669&amp;lan=en-US&amp;anchor=www.citigroup.com&amp;index=4&amp;md5=849c19faa36a72807c89975fab016886\">www.citigroup.com<\/a> | Twitter: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FCiti&amp;esheet=52470025&amp;newsitemid=20210802005669&amp;lan=en-US&amp;anchor=%40Citi&amp;index=5&amp;md5=1f1d142eab9f74ac4777d5758ba2c3e6\">@Citi<\/a> | YouTube: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.youtube.com%2Fciti&amp;esheet=52470025&amp;newsitemid=20210802005669&amp;lan=en-US&amp;anchor=www.youtube.com%2Fciti&amp;index=6&amp;md5=558c887e44590149fa65d8e4291dd204\">www.youtube.com\/citi<\/a> | Blog: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fblog.citigroup.com&amp;esheet=52470025&amp;newsitemid=20210802005669&amp;lan=en-US&amp;anchor=http%3A%2F%2Fblog.citigroup.com&amp;index=7&amp;md5=d838a692a2fa111fdeb94cb3aede9738\">http:\/\/blog.citigroup.com<\/a> | Facebook: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.facebook.com%2Fciti&amp;esheet=52470025&amp;newsitemid=20210802005669&amp;lan=en-US&amp;anchor=www.facebook.com%2Fciti&amp;index=8&amp;md5=64e4edc1e184e7616a351ae8302b36be\">www.facebook.com\/citi<\/a> | LinkedIn: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fciti&amp;esheet=52470025&amp;newsitemid=20210802005669&amp;lan=en-US&amp;anchor=www.linkedin.com%2Fcompany%2Fciti&amp;index=9&amp;md5=a9bd3175185a28c4f7916dc04d230eeb\">www.linkedin.com\/company\/citi<\/a><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210802005669r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210802005669\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210802005669\/en\/<\/a><\/span><\/p>\n<p><b>For IFC:<br \/>\n<\/b><br \/>Aliza Marcus<br \/>\n<br \/>Phone: +1 202 473-9411<br \/>\n<br \/>E-mail: <a rel=\"nofollow\" href=\"mailto:amarcus@ifc.org\">amarcus@ifc.org<\/a><\/p>\n<p><b>For Citi:<br \/>\n<\/b><br \/>Nina Das<b \/><br \/>Phone: +1 212 816-9267<br \/>\n<br \/>Email: <a rel=\"nofollow\" href=\"mailto:nina.das@citi.com\">nina.das@citi.com<\/a><\/p>\n<p><b>For McCormick<br \/>\n<\/b><br \/>Lori Robinson<br \/>\n<br \/>Phone: +1 410 527-6004<br \/>\n<br \/>Email: <a rel=\"nofollow\" href=\"mailto:lori_robinson@mccormick.com\">lori_robinson@mccormick.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Environment Finance Consulting Transport Banking Professional Services Logistics\/Supply Chain Management Agriculture Natural Resources Other Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>IFC, McCormick &amp; Company, and Citi Establish Sustainability-Linked Financing Partnership WASHINGTON&#8211;(BUSINESS WIRE)&#8211; IFC today announced a partnership with McCormick &amp; Company, a global leader in flavor, and Citi, to provide suppliers of McCormick\u2019s herbs and spices with financial incentives linked to improvements in measures of social and environmental sustainability. The program has started with suppliers in Indonesia and Vietnam, and will soon be launched in other countries. Under the initiative, suppliers can qualify for discounted rates on short-term working capital financing when they meet sustainability standards accepted by McCormick. Those standards include performance on labor conditions, health &amp; safety practices, crop management, environmental impact, farmer resilience, and women\u2019s empowerment. The higher the supplier\u2019s performance level in meeting these standards, the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ifc-mccormick-company-and-citi-establish-sustainability-linked-financing-partnership\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;IFC, McCormick &amp; Company, and Citi Establish Sustainability-Linked Financing Partnership&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-521431","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IFC, McCormick &amp; Company, and Citi Establish Sustainability-Linked Financing Partnership - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ifc-mccormick-company-and-citi-establish-sustainability-linked-financing-partnership\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFC, McCormick &amp; Company, and Citi Establish Sustainability-Linked Financing Partnership - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"IFC, McCormick &amp; Company, and Citi Establish Sustainability-Linked Financing Partnership WASHINGTON&#8211;(BUSINESS WIRE)&#8211; IFC today announced a partnership with McCormick &amp; Company, a global leader in flavor, and Citi, to provide suppliers of McCormick\u2019s herbs and spices with financial incentives linked to improvements in measures of social and environmental sustainability. The program has started with suppliers in Indonesia and Vietnam, and will soon be launched in other countries. Under the initiative, suppliers can qualify for discounted rates on short-term working capital financing when they meet sustainability standards accepted by McCormick. Those standards include performance on labor conditions, health &amp; safety practices, crop management, environmental impact, farmer resilience, and women\u2019s empowerment. 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Company, and Citi Establish Sustainability-Linked Financing Partnership - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/ifc-mccormick-company-and-citi-establish-sustainability-linked-financing-partnership\/","og_locale":"en_US","og_type":"article","og_title":"IFC, McCormick &amp; Company, and Citi Establish Sustainability-Linked Financing Partnership - Market Newsdesk","og_description":"IFC, McCormick &amp; Company, and Citi Establish Sustainability-Linked Financing Partnership WASHINGTON&#8211;(BUSINESS WIRE)&#8211; IFC today announced a partnership with McCormick &amp; Company, a global leader in flavor, and Citi, to provide suppliers of McCormick\u2019s herbs and spices with financial incentives linked to improvements in measures of social and environmental sustainability. The program has started with suppliers in Indonesia and Vietnam, and will soon be launched in other countries. Under the initiative, suppliers can qualify for discounted rates on short-term working capital financing when they meet sustainability standards accepted by McCormick. Those standards include performance on labor conditions, health &amp; safety practices, crop management, environmental impact, farmer resilience, and women\u2019s empowerment. The higher the supplier\u2019s performance level in meeting these standards, the &hellip; Continue reading \"IFC, McCormick &amp; Company, and Citi Establish Sustainability-Linked Financing Partnership\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ifc-mccormick-company-and-citi-establish-sustainability-linked-financing-partnership\/","og_site_name":"Market Newsdesk","article_published_time":"2021-08-02T18:42:07+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210802005669r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ifc-mccormick-company-and-citi-establish-sustainability-linked-financing-partnership\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ifc-mccormick-company-and-citi-establish-sustainability-linked-financing-partnership\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"IFC, McCormick &amp; 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