GTSFUnderArmour (IFC-44285)

  • World
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Under Armour, Inc.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 23, 2020

Disclosed by Bank Nov 25, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank website, this project is proposed under the Global Trade Supplier Finance program (“GTSF” or the “Program”) approved by the IFC Board on September 21, 2010(Original Project #28723). Under GTSF, IFC provides short-term financing to suppliers (“Suppliers”) in emerging markets selling to large companies (“Buyers”) on open account terms. Under this project, IFC will provide financing to Under Armour's (“UA” or the “company”) suppliers based in different emerging market countries. The proposed project (‘the project”) within the GTSF facility is expected to be US$5 million. Under Armor is a major American multinational company that designs, develops, sells and markets performance and sports-inspired lifestyle footwear and apparel under the Under Armour brand globally. UA is listed on the New York Stock Exchange, works with approximately 200 external manufacturing partners located primarily in Asia, and distributes its products in more than 120 countries, with a strong presence in the US. Tier 1 (assembly locations) factories accounting for over 90% of UA business are located in Argentina, Bangladesh, Brazil, Cambodia, China, Colombia, Dominican Republic, Egypt, El Salvador, Georgia, Haiti, Honduras, Indonesia, Jordan, Madagascar, Malaysia, Mexico, Nicaragua, Pakistan, Philippines, Taiwan, Thailand, Turkey, United States and Vietnam. Factory list with factory name, address, approx. number of employees is available at UA Website. Under the project, IFC would purchase invoices owed by Under Armour to its suppliers primarily in Honduras, El Salvador, Jordan and other emerging countries, on a discounted basis. At invoice maturity, IFC would receive payment of the full invoice value from Under Armour. About 80 UA suppliers will have access to IFC financing through this GTSF project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
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Project contacts not available at the time of disclosure.


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