BCI welcomes The Federal Ministry for Economic Cooperation and Development (BMZ), to the BCI Growth and Innovation Fund.Announcements Monday, February 6th, 2017
BCI is delighted to welcome BMZ, a Federal Ministry of the Federal Republic of Germany, to the BCI Growth and Innovation Fund, following the award of a grant which totals €2,000,000.
The Growth and Innovation Fund (GIF), managed by BCI’s strategic partner, The Sustainable Trade Initiative (IDH), is BCI’s global investment vehicle for supporting Better Cotton projects around the world. The GIF helps BCI advance its goal of reaching 5 million farmers and accounting for 30% of global cotton production by 2020. In 2016, the Fund invested more than €5million in projects and the BMZ contribution will enable a significant scaling-up of the portfolio for the next season.
The funding will be invested globally in training and capacity building to address sustainability issues in cotton farming, including pesticide use, water efficiency and severe working conditions such as child labour, gender issues and unfair pay.
Dr Gerd Müller, Federal Minister for Economic Cooperation and Development said: Making globalisation socially and environmentally fair – that is our common goal, both in our Textiles Partnership and in the Better Cotton Initiative. BCI is a leader in the effort to achieve better environmental and social standards in cotton production. Together with the private sector, civil society and producer country governments, we are defining standards”
Alan McClay, CEO of the Better Cotton Initiative said: “We are delighted to welcome BMZ as a funding partner and thank them for their support. The BCI Growth and Innovation Fund is a global partnership fund set up to support Better Cotton farmers around the world. BCI currently has 66 Retailers and Brand members who contribute to the Fund and global institutional donors and government agencies are invited to match the contributions from the private sector to achieve a multiplier effect. We look forward to working closely with BMZ as a key partner in achieving our goals.”
Read more about the BCI Growth & Innovation Fund here.