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.
Project contacts not available at the time of disclosure.
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